CiCis Pizza
Team
Roles
Financial Advisor
CONTACT US
Do you have any further questions? How can we help you? Get in touch with us.
Dawn Ragan
Partner, Partners
Dawn Ragan has over 25 years of experience in financial advisory, turnaround management, and corporate finance.
- Expedited track from petition to confirmation
- Ensured lenders stayed within DIP budget
- Company was successfully conveyed to lender/buyer
- Continued to assist both lender and buyer post-confirmation
The company was a private equity-owned pizza buffet franchisor that was impacted by the COVID-19 pandemic and government shutdown orders, resulting in the private equity sponsor no longer wanting to finance losses. CR3 Partners was retained as financial advisor by a potential buyer to evaluate alternatives, in which all parties agreed to pursue prepackaged Chapter 11 bankruptcy and the buyer agreed to fund a limited DIP loan. The company was expedited to confirmation six weeks after the petition date and successfully conveyed the assets to the buyer, who CR3 continued to assist post-confirmation.
The Situation
- Private equity-owned pizza buffet franchisor with approximately 300 units
- Company was impacted by COVID-19 pandemic and government shutdown orders
- Private equity sponsor no longer wanted to finance losses
- Secured lender had deficiencies in collateral lien documents
The Work
- CR3 Partners was retained as financial advisor by an outside restaurant holding company desiring to buy bank debt and evaluate alternatives
- Evaluated potential value of sale scenario (assets or debt), foreclosure on note, Article 9 proceeding, and Chapter 11 bankruptcy
- Parties eventually agreed to pursue prepackaged Chapter 11 bankruptcy with buyer agreeing to a limited DIP loan
- Managed requirements of bankruptcy proceeding on behalf of buyer including managing DIP budget, use of cash collateral, and reporting
- Worked with lenders on critical vendors and a variety of creditor matters
The Results
- Worked with counsel and stakeholders to manage bankruptcy process and keep the case on an expedited track of six weeks from petition to confirmation
- Ensured lenders stayed within DIP budget and provided transparent reporting
- Company was successfully conveyed to buyer
- Continued to assist both lender and buyer post-confirmation
Explore Insights
View All
Article
When Companies Need a Change Agent
There's a difference between steady state management and change agents. A great steady state management team can execute an operating plan every day with precision. Deviations from a defined process can create conflict in an organization that is dedicated to staying the course.
Article
Restaurant Turnaround Strategies and Activities to Consider
Restructuring professionals wear many hats while executing a turnaround. They need to be skilled in finance, marketing, operations, human resources, and other areas. A strong turnaround professional is not only competent in these areas, but also knows when to leverage others.
External Link
Due Diligence in Restaurant Space
Dallas-based Partner Sugi Hadiwijaya recently teamed up with Dalton Potts at NRD Capital on a podcast highlighting topics of due diligence in the restaurant space. Listen to the full podcast brought to you by AICPA's Forensic and Valuation Services Section.
Article
Managing the Insource/Outsource Mix within a Restaurant Environment
Ensuring every detail throughout the customer experience, as well as the back office, is executed according to a specific vision can lead to success, but it often means taking on functions internally that the business is not well-positioned to execute, or outsourcing functions that are best performed in-house.
Article
Why Restaurant Data Analytics are a Necessary Tool for Success
Partner, Sugi Hadiwijaya and OverlayAnalytics' Founder and CEO, Bryan Shupe, discuss how similar to challenges around kitchen management, data challenges are multi-faceted, from data compilation and interpretation, to conversion and utilization, and cultural integration with Nation's Restaurant News.
External Link
Value Creation Based on Two Factors: EBITDA/Cash Flow and Capital Structure
Dallas-based Partner Sugi Hadiwijaya and Vin Batra discuss the value creation for private companies in respect to two factors: EBITDA/cash flow and capital structure.
News
CR3 Partners Adds a Senior Associate to New York Office and to Speak at ABI VALCON
CR3 Partners is proud to announce that Michael Sicari has joined the firm as a Senior Associate in the New York office. Dallas-based Partner, Mike Juniper will appear as a panelist in "Out-of-Home Entertainment: Ready for TakeOff, or Ready to Disappoint?" on May 6 at ABI's Virtual VALCON experience.
Article
Four Paths to Increase Revenue in a Turnaround
When restructuring advisors are engaged to stabilize their clients' operations, they often focus on cutting expenses and controlling disbursements.
Article
Lenders as Accidental Restaurant Owners: Four Success Factors of Temporary Restaurant Ownership
During COVID-19, a significant amount of restaurant bankruptcies saw the lenders taking over the assets when no qualified buyers came to the table. Now that these lenders have become temporary restaurateurs.
News
CR3 Partners Adds Manager and Two Senior Associates
CR3 Partners is proud to announce its new Manager, Mark Kennedy, and its new Senior Associate, Lee Hiles, in the Atlanta office. We also made a recent addition to its new Richmond office with Senior Associate, Katie Usera.
News
CR3 Partners Expands Los Angeles and Houston Offices
CR3 Partners is proud to announce the expansion of its rapidly growing Los Angeles office by adding two Senior Associates, Alex Pettee and Ashtynn Baltimore. Along with the additions to the Los Angeles office, CR3 Partners would also like to announce its new Director, Avery Alcorn out of the Houston office.
Video
CR3 Conversations: Restaurant Industry During COVID-19
The restaurant industry has been one of the hardest-hit industries during COVID-19. Director, Kep Sweeney, gives advice on how to best navigate through it and shares what his current client has done to actually improve during these difficult times.
News
New Partners and Continued Growth of CR3 Partners
The CR3 Partners Board of Managers is pleased to announce that Jeff Armstrong and Dawn Ragan have been admitted to the firm's partnership.
News
Industry Veterans Combine to Launch National Turnaround and Performance Improvement Firm
The leadership of CR3 Partners, LLC, today revealed the details of their newly-formed national turnaround and performance improvement firm.