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.
Wednesday, January 25, 2012
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.
Posted by Andrew Dunn at 9:54 AM