FirePower Capital (“FirePower”), the investment banking and private capital firm for Canada’s entrepreneurs, and Pita Pit Canada (“PPC”), the franchisor of the Pita Pit brand across Canada, are pleased to announce the closing of a senior term debt facility. The transaction, led by FirePower’s Investment Banking division, supported PPC’s acquisition of a majority interest in Pita Pit International (“PPI”), and yielded a strengthened banking relationship that can accommodate PPC’s future growth plans.
“This is a great example of how FirePower helps mid-market companies structure and negotiate debt financing and access banking relationships that may otherwise be unavailable to them,” said FirePower Founding Partner & CEO, Ilan Jacobson. “Our Investment Banking division generated multiple proposals, then negotiated and structured favourable terms and pricing for our client. With respect to the PPI acquisition itself, we guided PPC to craft and negotiate a compelling offer that would be attractive not only to the seller, but to the lender as well. ”
“This deal was more than just about financing,” said Chris Fountain, CEO of PPC. “We wanted to secure funding from a lender that was keen to grow with us as we execute our aggressive expansion plans for PPC. FirePower brought that to the table and as a result, we are confident and well positioned to move ahead with the acquisition.”
Pita Pit Canada (PPC) is the franchisor to 228 Pita Pit locations across Canada. Its footprint has steadily expanded, as it has opened an average of 22 net new stores annually over the past 5 years. Pita Pit restaurants sell Mediterranean-style pita sandwiches, and offer a fresh, healthy alternative to traditional high fat, high-calorie fast foods.
Pita Pit International (PPI) owns the exclusive global franchise rights for every country except Canada and the US.
FirePower Capital is the investment banking and private capital firm built for Canada’s entrepreneurs. Our team of 30+ deal professionals helps their mid-market businesses complete mission-critical transactions, by advising them or investing in their companies directly.