Axum Capital Partners, a Charlotte private equity firm co-owned by former Carolina Panther Muhsin Muhammad, announced Wednesday that it has bought a controlling stake in Wild Wing Cafe, the South Carolina-based chain of sports bar-restaurants.
Wild Wing Cafe has 32 restaurants in seven states, 11 of which are corporate owned, the rest franchised. Three are in Charlotte. Collectively, the system generated $100 million in revenue in 2011, Axum reported.
The terms of the deal were not disclosed, but it was financed by debt from Fifth Third Bank.
Axum Capital's other partners include Edna Morris, the former president of Red Lobster; Raymond C. Groth, who headed mergers and acquisitions for First Union/Wachovia; and Denis Ackah-Yensu, formerly of McColl Partners.
Morris will be the interim CEO of Wild Wing Cafe.
“Wild Wing Café provides Axum with a proven and well-run concept allowing for strong growth in existing and new markets,” Morris said in a statement. “Our experienced management team has over 120 years of restaurant experience. With Wild Wing’s broad demographic appeal, quality food and superior service, we believe that the concept will sustain and continue to strengthen its competitive position.”
Cecil and Dianne Crowley, who founded Wild Wing Cafe in 1990, will keep an ownership stake and serve on the company's board.
Posts
36 comments:
WWC is not very good........good luck with that.
Melvin Campbell investing in a chicken establishment.....I like it.
You all are a bunch of nattering nabobs of negatavism.
Edna Morris knows what she is doing. There will be a turnaround.
WWC is terrible...
Forget Buffalo Wings...
I want some MOOSE WINGS!!!
To the user that said "WWC is not very good........good luck with that"
Read the article. You will see it says "the system generated $100 million in revenue in 2011, Axum reported."
I think the ARE haveing good luck with that
And you wonder why Pro Sports Players go broke. BAD INVESTMENTS LIKE THIS.
Moose, you should have done your homework on this investment and pulled-out. WWC is not going to make it, they have an inferior product in an overcrowded field for the Chicken Wing.
Buying into a Buffalo Wild Wings franchise would have been better, they have a stronger market and a better concept.
Southernboy JJ
"Read the article. You will see it says "the system generated $100 million in revenue in 2011, Axum reported.""
Revenue and Income/Profit are NOT the same thing. Revenue is how much monty people paid to eat there. Then you have to deduct expenses from that. It is entirely possible that expenses were also around the $100 million mark. Simply quoting a revnue number is completely useless information for determining a business' worth.
i have to agree, the wild wing cafe isn't that good...hopefully the new team will make some menu changes.
You are all crazy. WWC wings are delicious - much better than Buffalo Wild Wings. WWC is always doing good business whenever I eat at one.
Wild Wings Cafe is much better than BW3. But that being said, they have to improve their product. I used to be a huge fan but in the past 5 years the product has going way downhill. The wings are small and usually overcooked. Hopefully Moose can turn it around.
With wholesale price of chicken wings going through the roof, very few want to go out to eat those anymore, hence the drop in the market. Agee with other poster, revenue is hardly an indicator of profitability. Good luck guys.
Hope they do something about the health ratings and the problems of serving alcohol to minors at some of their locations.
Until then, I won't step foot in their restaurants.
health ratings and problems of serving alcohol to minors????? Do some research....isolated cases of minors, sneaking in, etc...and for those of you who dont think its good food...what do you think is good, McDonalds with nasty EVERYTHING???...WWC uses fresh ingredients...makes sauces, salad dressings from scratch and accommodate to any dietary restriction--quit hatin'
Why do wings always have to be "wild"?
Well hopefully they can improve the University location. The service/food has went downhill since it first opened. Instead of getting drinks during a football game I received excuses from our waitress. I have frequented this location for years and actually come to know most of the people who used to work there. The staff now days is nowhere near what it once was!!
@Anon 1:33 PM:
The Ayrsley location had repeated low health ratings and management issues. Twice I went into that store and got violently sick afterwards. Their focus on cleanliness sucks and honestly there are better and cheaper wing places in Charlotte.
I'm not hatin'...I speak the truth. You must be an employee judging by your response.
It is truly sad that these comments are so negative and pressing the idea of failure.....from arm chair investment professionals to just those expressing their personal opinion on the product.
No investment is ever guaranteed to succeed, but at least he has the guts to assemble a talented team and give it a go. Heck, that is what Jerry Richardson did!
If you can do/have done better and taken similar risk, so be it (at least you have some basis for providing adult, reasoned feedback). Otherwise, shut up!
to you that posted at 1:33...no I am not an employee...have been in food and beverage for many years and I read the paper and get facts before I make a judgement...I also know a lot about them because I know many people who LOVE it and comment on how great it is....one friend in particular who has severe food alergies...Just speakin the truth...
Tacomac has the best wings...
I eat at the University location all the time and love the food and service. Good Luck Moose.
Wild Wing Cafe, is not a good investment! Like it or not. The Chicken wing market is saturated. So many wing places and so many items on the menu at WWC that just taste horrible. Sorry but better to hear about it than experience it.
SouthernboyJJ
WWC in the Charleston, SC area are great, especially the one on Market Street.
Wings are just a snack, who cares. It's all about the beverage menu.
I live in Winston Salem and ours has come and gone already... was more of a resturant that turned into a bar/nightclub. made it about a year... not the best choice Muss!!!
Next headline will go, "Ex-Panthers WR Muhsin Muhammed Files for Bankruptcy Protection". These guys never learn. You're athletes, NOT businessmen
WWC is absolutely the best! Congrats to moose and his team
Buffalo Wild Wings is awful compared to Wild Wing Cafe. I'll take food at WWC any day of the week. Not sure what some of you other guys are smoking.
Sometimes change can be good. I wonder if they'll get some better bands in there though? Kind of tired seeing the same old stuff.
I do have to say, I've been to the one in Augusta, GA a couple of times while visiting family and it's the one that always seems to have the same bands--and not very good ones so we only stay a short time and move our party up the street to the Country Club.
Countdown to bankruptcy....3...2....1...
to the people giving negative reviews, have you eaten at a wwc location outside of charlotte? those stores are all franchises and not corporatly ran, those are the stores that will have the biggest turnaround from this merger. give the place another chance ina few months and i guarentee a good experience.
why support a chain anyway, Support Local...
Wing King Cafe and DD Peckers both have better wings than Wild Wing Cafe.
I don't do chains anymore. Most of them suck.
Support local? they started in HHI have a home in the old village, the corporate office is in Mt Pleasant and now a Charlotte company bought them. I love Wild Wing and have always had a great experience with the food and staff. No one is going to be 100% satisfied and it is easier to complain than compliment!! They've been a great asset to the Charleston area with charities and special events and we are fortunate to have them!!
when you say things like "WWC wings suck" and "buying in to BWW is better" lowers your credibility. Thats like arguing who has a better hamburger, McDonalds, Wendys, or BK. All these millionaires and investment gurus posting on blogs...get over yourself. Do you really think anybody listens to Internet Advice(especially yours)?!
Is this a sports page? -- WTH cares if some ex black ath;lete fulfilled his lifelong dream of unlimited fried chicken wings
Post a Comment