News

Daphne's Greek Cafe to be sold

July 19, 2010

Daphne's Greek Café will emerge from Chapter 11 through the sale of substantially all of its operating assets to a buyer sponsored by Trefethen Advisors LLC. Under the proposed transaction, Trefethen will form a new holding company to acquire the assets and assume certain liabilities of Daphne's Greek Cafe, which filed for Chapter 11 protection in January.

The transaction is expected to close in early August 2010, and is subject to the satisfaction of closing conditions, including sale approval by the Bankruptcy Court.

In addition to making its initial investment, Trefethen will capitalize the company with additional equity capital and a new, undrawn liquidity facility.

Daphne’s also announced that following the close of the transaction, William Trefethen will take on the role of CEO. Trefethen has founded a number of companies, including Trefethen Advisors LLC and American Commercial Capital LLC, which was sold to Wells Fargo in 2001 and operates as Wells Fargo Restaurant Finance.

Trefethen has significant experience in the restaurant and multiunit retail industry as a principal investor as well as an advisor to public and private companies on issues related to mergers and acquisitions, corporate finance, restructuring and strategic planning. He will be supported by an experienced management team consisting primarily of Daphne’s management.

"My colleagues and I look forward to working with the valued employees at Daphne’s to create one of the market’s leading fast casual dining companies. Daphne’s has been a mainstay in the marketplace over the last 19 years, and has built a loyal customer base by serving great tasting, Greek-inspired dishes," Trefethen said. "Our primary goal is to strengthen the brand through careful growth and a strategic marketing plan that will enhance guests’ dining experiences through new menu offerings, value pricing, and new promotions featuring Daphne’s unique offering of fresh, healthy Greek inspired dishes.”