Praesidian leads $30m pizza chain refinancing

The New York-based private debt fund manager has led a refinancing for the Californian pizza chain.

Praesidian Capital has helped to recapitalise John’s Incredible Pizza Company by investing $17.4 million of first lien debt in the business, the firm said in a statement.

The refinancing, which involved $30 million of new debt, also involved Brookside Mezzanine Partners and Kemper Corporation.

John’s is headquartered in California, and has 10 outlets across that state and Oregon.

New York-based Praesidian Capital is a specialist in mezzanine finance, and targets established, historically profitable companies for investment, either as part of a buyout or refinancing. It manages more than $700 million in committed capital.

Jason Drattell, founder of Praesidian Capital, commented: “We believe John’s has the right mix of operating performance and brand uniqueness to support growth in the western states, and we look forward to working with [chief executive] John Parlet and his team as the company grows.”