ECP to put in place $910 million credit facilities for Restaurant Technologies acquisition

By Paul A. Harris

Portland, Ore., Feb. 28 – Private equity group ECP plans to put in place $910 million of senior secured credit facilities to help fund its acquisition of Restaurant Technologies, Inc. from Goldman Sachs Asset Management, according to a market source.

The bank deal will include an $810 million first-lien term loan B, along with a $100 million first-lien revolver, the source said.

Morgan Stanley is expected to be an arranger.

On Monday Restaurant Technologies announced that the infrastructure investing business within Goldman Sachs Asset Management entered into a definitive agreement to sell its ownership in the company to ECP, in partnership with current Restaurant Technologies investor Continental Grain Co.

Transaction terms were not disclosed in the press release.

Harris Williams and Goldman Sachs & Co. LLC served as financial advisers, and Weil, Gotshal & Manges served as legal counsel to Restaurant Technologies. Latham & Watkins, LLP served as legal adviser to ECP and BMO Capital Markets served as financial adviser to ECP.

Founded in 1999, Mendota Heights, Minn.-based Restaurant Technologies provides cooking-oil management and back-of-house hood and exhaust cleaning solutions to quick-service and full-service restaurant chains, independent restaurants, grocery delis, hotels, casinos, convenience stores, universities and hospitals.

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