Eighth Smashburger Marks the Start of Aggressive National Expansion and First Joint Venture Location
Denver, CO 15 December 2008 Smashburger, a fast casual better burger concept recently launched and funded with $15 million by private equity and concept development firm Consumer Capital Partners (CCP), tomorrow will open its first location in Wichita, Kansas. The newest Smashburger represents the better burger chains first market outside of the Companys home state of Colorado, with another half dozen or more new markets planned for Smashburger in 2009.
The new Wichita location at 35th and Woodlawn is the result of a joint venture partnership with several successful area real estate developers as well as an experienced multi-unit franchise operator collectively called Smashburger WTO Acquisition, LLC. Together, the joint venture group plans to open three to five more stores in Wichita as well as several in Tulsa and Oklahoma City.
While Wichita is certainly not the largest market we will enter before the end of 2008, it is a critical market to our growth as it represents the start of an aggressive national expansion that will result in the development of several hundred new stores over the next few years, said David Prokupek, Managing Partner and Chief Investment Officer of Consumer Capital Partners.
Given the support of Smashburger WTO Acquisition locally and the operational excellence provided by Scott Crane and his management team, Consumer Capital Partners is confident that Wichita will be a successful kick-off as we take our brand to a wider national audience.
The Wichita JV deal complements Smashburgers eight corporate locations in Colorado. The Company plans to grow its corporate footprint to a total of ten stores by the end of 2008 and as many as 30-60 stores by the end of 2009.
Wichita is a market that I know very well as I have spent most of my professional career there, said Scott Crane, President of Smashburger. As a result, I am very familiar with the opportunity that exists because I know that Wichita has limited options for a great $5 burger that is cooked to order and served in a place that offers relevance for almost every occasion. While Houston, which opens a week after Wichita, is a much bigger market, I am confident that there is no market that will give us as warm a welcome as Wichita, and we look forward to returning the favor by providing this great city with the best burger it has ever tasted.
“We’re excited to welcome Smashburger to Wichita, said Wichita Mayor Carl Brewer. We know the company is making an investment in our city and we wish them great success as they expand this exciting concept across Wichita and the country.”
Headquartered in Denver, Colo., Smashburger is an innovative fast casual restaurant concept featuring the best burgers you ever tasted. Developed and owned by private equity and concept development firm Consumer Capital Partners, Smashburger intends to expand to ten restaurants by the end of 2008 and another 30-60 corporate stores in 2009 on its way to becoming the national better burger leader. There are currently eight restaurants located in the Colorado area. If you crave a better burger, keep watching for Smashburger–coming to your community soon! To learn more about building a better burger, please visit http://www.mysmashburger.com.
About Consumer Capital Partners
Headquartered in Denver, Colo., Consumer Capital Partners is an innovative private investment, concept development and strategic advisory firm focused on multi-unit retail businesses, primarily in the restaurant, liquor, food and leisure industries. Consumer Capital Partners has deep experience in the fields of private equity, brand, concept and product development, and strategic consulting. To learn more about Consumer Capital Partners, please visit http://www.consumercp.com.
Consumer Capital Partners