A continuation vehicle pays out earlier investors while M-One keeps the 930-unit drive-thru chain, months after its first whole business securitization.
Scooter's Coffee changed hands without really changing hands. M-One Capital said Oct. 1 it closed a single-asset continuation vehicle for the Omaha drive-thru chain, a structure that pays out existing investors while M-One, management and participating investors stay in. M-One increased its stake. Adams Street Partners and Golub Capital co-led the deal, and terms weren't disclosed.
The move caps a recapitalization that included Scooter's first whole business securitization earlier this year, the same bond-market tool Mathnasium tapped for its first deal. Under M-One since 2018, Scooter's grew from 176 to 930 locations in 32 states, about 98% franchised, with more than $875 million in systemwide sales, the firm said.
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