Lockwood/McKinnon Group, Inc., and its affiliates, (“LMG”), a Mansfield, Massachusetts-based Taco Bell franchisee owned and operated by long-time quick service restaurant industry veteran, David Lockwood, has completed the sale of its 33 Taco Bell restaurants to DDO-New England, LLC (“DDO”). The restaurants are located in Massachusetts and Rhode Island. LMG retained the real estate underlying 16 of the restaurants and leased it to DDO under individual, long-term leases. LMG’s long time investment banker and advisor, Auspex Capital, advised the Company on the sale of the business and lease structuring.
David Lockwood had the following to say about Auspex’s services, especially in light of the tough environment in Q2 and Q3, 2022, “The Auspex APA purchase price strategy was spot on. Despite shrinking margins, the Auspex team’s plan allowed me to run the business as it should be run and turn over to DDO New England a turnkey operation. If this strategy was not in place, the transaction would have been agonizing and likely produced a far less desirable outcome. I appreciate their foresight and ingenuity. The Auspex difference indeed!”