Axum Capital Partners has acquired Wild Wing Cafe, a restaurant chain with 11 corporate-owned restaurants and 21 franchised restaurants across North Carolina, South Carolina, Georgia, Tennessee, Virginia, Texas and Florida. Fifth Third Bank provided debt financing for the transaction. In other PE wing news, Roark Capital-backed Wingstop is preparing to sauce and serve 5.6 million wings on Super Bowl Sunday.
Since the beginning of 2008, PE firms have invested in 98 U.S. companies in the Restaurant & Bars industry, according to the PitchBook Platform. The South has accounted for the largest percentage of these deals with a 28% share of activity, followed by the Southeast with a 19% share. 22 deals were completed in 2011, including the acquisition of Texas Wings. 2010 saw similar deal flow with 23 completed deals.