---
title: "CapitalSpring Provides Financing Support to WKS Restaurant Group for Purchase of Pennant Foods"
url: https://burnaze.com/article/1413fd13-17c0-4f79-89c6-2a7ca0fb0c18
source: "1851 Franchise"
original_url: https://1851franchise.com/capitalspring/capitalspring-provides-financing-support-to-wks-restaurant-group-for-purchase-of-pennant-foods-2710065
category: "Burger"
industry: "Restaurants"
segment: "Burger"
topics: ["Finance & M&A"]
published: 2019-06-18T13:08:02.000Z
modified: 2026-11-01T02:32:42.775Z
image: https://newimage.1851franchise.com/cdn-cgi/image/quality=85,format=webp,width=1280,height=720/story/featureImage/89fe32f4cf0464002a65373636dfd9f74996.jpg
---

# CapitalSpring Provides Financing Support to WKS Restaurant Group for Purchase of Pennant Foods

**TL;DR:** CapitalSpring provided financing support to WKS Restaurant Group for the purchase of Pennant Foods, a leading multi-brand restaurant franchisee with 52 Wendy’s restaurants in Southern California. WKS operates more than 180 franchise restaurant locations including multiple brands.

*originally published in 1851 Franchise on 2019-06-18. [Read the original](https://1851franchise.com/capitalspring/capitalspring-provides-financing-support-to-wks-restaurant-group-for-purchase-of-pennant-foods-2710065).*

## Story

CapitalSpring, a leading private investment firm focused exclusively on the branded restaurant industry, announced today that it has provided financing support to WKS Restaurant Group (“WKS” or the “Company”), a leading multi-brand restaurant franchisee, for the Company’s acquisition of Pennant Foods, an operator of 52 Wendy’s restaurants in Southern California. This acquisition of Pennant Foods, from funds managed by Brockway Moran & Partners, is the third WKS transaction in which CapitalSpring has served as a financing partner.

In addition to CapitalSpring, the Company’s existing senior lenders, led by Wintrust Franchise Finance, served as co-lenders on the deal. Wintrust Franchise Finance is a division of Lake Forest Bank & Trust Company, N.A., a Wintrust Community Bank.

"We are very excited to work with the WKS team again and to support their initial acquisition in the Wendy's system," said Tee Isenhour, Principal at CapitalSpring. "WKS has a long history of growth and operational excellence across multiple concepts and geographies, and we look forward to future opportunities together across their brand portfolio."

“CapitalSpring brought a unique financing solution to the table that was tailor-made for this acquisition,” said Roland Spongberg, CEO of WKS. “We have enjoyed a relationship with the firm since 2011, and their consistent ability to leverage creative financing solutions to meet the needs of our business and our acquisitions makes them a trusted and reliable partner. We look forward to working with CapitalSpring to continue expanding the WKS portfolio and bring great brands to even more communities.”

Founded in 1987, WKS operates more than 180 franchise restaurant locations including Wendy’s, El Pollo Loco, Krispy Kreme Doughnuts, Denny’s, Corner Bakery Cafe, and Blaze Pizza. The Company is currently the nation’s largest El Pollo Loco franchisee, the largest Krispy Kreme Doughnuts franchisee, and a top five Denny’s franchisee, making WKS one of the leading family-owned quick service restaurant (QSR) and fast-casual operators in the country.

Sheppard, Mullin, Richter & Hampton LLP served as legal advisor to WKS in connection with the transaction. CapitalSpring was represented by Katten Muchin Rosenman LLP.

## Entities

- 1851 Franchise (publication)
- Restaurants (sector)
- Wendy's (company)
- Denny's (company)
- Krispy Kreme (company)
- El Pollo Loco (company)
- Blaze Pizza (company)
- Capital Spring (investor)
- Corner Bakery Cafe (company)
- franchisee acquisition (topic)
- private investment (topic)
- WKS Restaurant Group (company)

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Originally reported by 1851 Franchise (https://1851franchise.com/capitalspring/capitalspring-provides-financing-support-to-wks-restaurant-group-for-purchase-of-pennant-foods-2710065). Summarized by Burnaze (https://burnaze.com/article/1413fd13-17c0-4f79-89c6-2a7ca0fb0c18).