September 8, 2023

Willkie recently represented Franchise Group, Inc. CEO Brian Kahn in leading the successful take-private acquisition of the company by an investor consortium.

Franchise Group announced on August 21 that a buyer group led by Brian Kahn and consisting of the company’s senior management team successfully completed its acquisition of Franchise Group. The buyer group acted in financial partnership with a consortium that includes certain of Brian Kahn’s affiliate entities, B. Riley Financial, Inc. and Irradiant Partners.

Franchise Group was delisted from the Nasdaq Global Select Market upon the completion of the merger.

Under the merger agreement, the buyer group acquired the approximately 64% of the Franchise Group’s issued and outstanding common stock that it did not already own. The transaction has an enterprise value of approximately $2.6 billion.

Franchise Group is the owner and operator of franchised and franchisable businesses including Pet Supplies Plus, Wag N’ Wash, American Freight, The Vitamin Shoppe, Badcock Home Furniture & More, Buddy’s Home Furnishings and Sylvan Learning.

The Willkie team is led by partners Russell Leaf, Tariq Mundiya and Jared Fertman and counsel Jeffrey Daniel, and included partners Sean Ewen, Andres Mena and Charlotta Chung.