News

Wendy's franchisee raises almost $60 million toward debt

August 12, 2010

A fundraising arm of DavCo Restaurants Inc., which owns Wendy's restaurants in the Maryland and Washington, D.C. region, has raised $59.2 million in a debt and equity offering.

According to the Baltimore's Citybizlist, DavCo Aquisition Holding Inc., submitted an SEC filing earlier this week.

Named in the filing were chairman and CEO Harvey Rothstein; Ron Kirstien, former chairman, CEO and president; David Norman, president and general counsel; Richard Borchers, executive vice president and COO; Robert Platek, MSD Capital; and Michael Halpern, owner of Franchise Consulting LLC.

The Davenport family, which founded the Krystal Company, bought the franchise rights for Wendy's in the region in 1976. Rothstein and Kirstien purchased the Baltimore and Washington markets in 1988.