PROVIDENCE – Citizens Capital Markets & Advisory served as the exclusive financial adviser for the sale of 40 Arby’s restaurants, the bank announced on June 3.
The deal was brokered on behalf of Mosaic Management/Mosaic Red Hat Group, a franchisee of Arby’s. All 40 of Mosaic’s Arby’s restaurants are located across Florida, North Carolina and Virginia.
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The restaurants were sold to AES Restaurant Group, an Indianapolis-based restaurant management company.
Following the transaction, AES is now the second-largest Arby’s franchisee, now operating 229 restaurants across 17 states.
CEO and Founder of AES Restaurant Group John Wade cited Citizens Managing Director David Stiles as one of the main reasons for the deal’s success.
“Working with David Stiles and Citizens was a game-changer for our acquisition process. Their deep industry knowledge, strategic approach and unwavering commitment ensured a seamless transaction,” Wade said. “David’s negotiation skills, attention to detail and ability to navigate complexities made this transaction not just successful, but truly efficient. If you’re looking for an investment banking team who delivers results and fosters trust, Citizens is the one to call.”
Murad Karimi, CEO and founder of Atlanta-based management firm Mosaic similarly applauded Citizens and Stiles for how they brokered the transaction.
“We were very pleased with Citizens’ work from beginning to end. They provided thoughtful strategic advice every step of the way as we maneuvered through the process,” said Karimi. “We were impressed with how collaborative and effective Citizens was in working with our other third parties, our franchisor and the buyer, and we would highly recommend using David Stiles and the Citizens team with any sale initiative.”
Mosaic will continue operating quick service restaurants as a franchisee of Burger King.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
