We have unparalleled deal

making expertise maximiz-

ing value for our clients by

bringing to bear superior ana-

lytical abilities, creativity,

We are very active in the KFC system having raised more than $500 million in financing, and advised on 20 M&A transactions involving more than 200 restaurants.

We specialize in the QSR industry and are one of the most active financial advisory and investment banking firms in the industry.

1994

1962

1972

1985

19921994

1962

1972

1985

1992

DEBT PLACEMENTDEBT PLACEMENT$xxx,xxx,xxx,xxxof senior secured termloans and lines of credit

M&A ADVISORYM&A ADVISORYxx Transactions

involving xxx restaurants

Since Auspex’s inception, we have helped many Taco Bell

Franchisees with their business

DEBT PLACEMENTDEBT PLACEMENT

$xxx,xxx,xxx,xxxof senior secured termloans and lines of credit

M&A ADVISORYM&A ADVISORY

xx Transactions involving xxx restaurants

Since Auspex’s inception, we have helped many Taco Bell

Franchisees with their business

Secure financingingor acquisitions, restaurant

development and remodelsBuy or sellrestaurants

1962

1972

1985

1992

1994

1962

1972

1985

1992

1994

and

A P o w e r f u l P a r t n e r s h i p

www.auspexcapital.com

S i n c e 2 0 0 4

Value AddedSolutions

InnovativeIdeas

FlawlessExecution

ComprehensiveAnalysis

M&A Advisory | Debt Placement | Strategic AdvisoryContact Us

PartnershipA Powerful

and F I N A N C I A L A D V I S O R Y A N D I N V E S T M E N T B A N K I N G

Auspex has quickly become one of the most prominent financial advisors to the Wendy’s system. We have completed 42 transactions for Wendy’s franchisees in the last three

years.

DEBT PLACEMENTDEBT PLACEMENT

$627,393,337 of senior secured termloans and lines of credit

involving 533 restaurants

26 Transactions M&A ADVISORYM&A ADVISORY

Auspex Capital, founded in 2004, is a boutique investment banking and financial advisory firm specializing in the restaurant industry. Our expertise includes M&A advisory, debt placement and strategic advisory.

Auspex provides Wendy's franchisees with innovative ideas, comprehensive analysis, value added solutions and flawless execution.

We build long-term relationships with our clients and help them to identify and capitalize on opportunities to advance their business.

About Auspex

Value AddedSolutions

InnovativeIdeas

FlawlessExecution

ComprehensiveAnalysis F I N A N C I A L A D V I S O R Y A N D I N V E S T M E N T B A N K I N G

Christopher Kelleher Managing Director (562) 424-2455ckelleher@auspexcapital.com

Shriram ChokshiManaging Director(562) 424-5157schokshi@auspexcapital.com

Naveen GoyalManaging Director (562) 424-5158ngoyal@auspexcapital.com

www.auspexcapital.com

$5,636,364Term Financing

Development LineMarch 2015

Franchisee of

DEBT PLACEMENT

$13,300,000Term Financing

Development LineDecember 2012

Franchisee of

DEBT PLACEMENT

12 UnitsBuy-Side M&A Advisory

March 2015

Franchisee of

M&A ADVISORY

3 UnitsBuy-Side M&A Advisory

July 2014

Franchisee of

M&A ADVISORY

72 UnitsBuy-Side M&A Advisory

February 2014

Franchisee of

M&A ADVISORY

18 UnitsBuy-Side M&A Advisory

December 2012

Franchisee of

M&A ADVISORY

15 UnitsBuy-Side M&A Advisory

May 2017

Franchisee of

M&A ADVISORY

7 UnitsBuy-Side M&A Advisory

June 2017

Franchisee of

M&A ADVISORY

$102,600,000Term Financing

Development LineMarch 2017

Franchisee of

DEBT PLACEMENT

35 UnitsBuy-Side M&A Advisory

March 2017

Franchisee of

M&A ADVISORY

$38,500,000Real Estate Loan

March 2017

Franchisee of

DEBT PLACEMENT

$30,500,000Term Financing

Development LineMarch 2017

Franchisee of

DEBT PLACEMENT

$12,000,000Term Financing

Development LineMarch 2017

Franchisee of

DEBT PLACEMENT

7 UnitsBuy-Side M&A Advisory

March 2017

Franchisee of

M&A ADVISORY

1 UnitBuy-Side M&A Advisory

February 2017

Franchisee of

M&A ADVISORY

$41,500,000Term Financing

Development LineJune 2017

Franchisee of

DEBT PLACEMENT

$26,061,973Term Financing

Development LineAugust 2017

Franchisee of

DEBT PLACEMENT

$24,000,000Term Financing

Development LineMay 2017

Franchisee of

DEBT PLACEMENT

5 UnitsBuy-Side M&A Advisory

July 2016

Franchisee of

M&A ADVISORY

25 UnitsTerm Financing

November 2016

Franchisee of

DEBT PLACEMENT

$115,500,000Term Financing

Development LineAugust 2016

Franchisee of

DEBT PLACEMENT

$6,595,000Term Financing and

Revolving Line of CreditJuly 2016

Franchisee of

DEBT PLACEMENT

6 UnitsBuy-Side M&A Advisory

August 2016

Franchisee of

M&A ADVISORY

3 UnitsBuy-Side M&A Advisory

July 2016

Franchisee of

M&A ADVISORY

$11,000,000Term Financing

Development LineJune 2016

Franchisee of

DEBT PLACEMENT

4 UnitsBuy-Side M&A Advisory

June 2016

Franchisee of

M&A ADVISORY

113 UnitsSell-Side M&A Advisory

March 2016

Franchisee of

M&A ADVISORY

$59,500,000Term Financing

Development LineMarch 2016

Franchisee of

DEBT PLACEMENT

37 UnitsBuy-Side M&A Advisory

March 2016

Franchisee of

M&A ADVISORY

$24,375,000Term Financing

Development LineMarch 2016

Franchisee of

DEBT PLACEMENT

23 UnitsBuy-Side M&A Advisory

March 2016

Franchisee of

M&A ADVISORY

5 UnitsBuy-Side M&A Advisory

March 2016

Franchisee of

M&A ADVISORY

$17,500,000Term Financing

Development LineMarch 2016

Franchisee of

DEBT PLACEMENT

5 UnitsBuy-Side M&A Advisory

February 2016

Franchisee of

M&A ADVISORY

22 UnitsBuy-Side M&A Advisory

March 2016

Franchisee of

M&A ADVISORY

$44,000,000Real Estate Loan

June 2017

Franchisee of

DEBT PLACEMENT

$18,875,000Term Financing

December 2015

Franchisee of

DEBT PLACEMENT

$11,400,000Term Financing

Development LineOctober 2015

Franchisee of

DEBT PLACEMENT

$5,800,000Term Financing

Development LineAugust 2015

Franchisee of

DEBT PLACEMENT

$18,750,000Term Financing

May 2015

Franchisee of

DEBT PLACEMENT

41 UnitsBuy-Side M&A Advisory

December 2015

Franchisee of

M&A ADVISORY

10 UnitsBuy-Side M&A Advisory

October 2015

Franchisee of

M&A ADVISORY

4 UnitsBuy-Side M&A Advisory

August 2015

Franchisee of

M&A ADVISORY

31 UnitsBuy-Side M&A Advisory

May 2015

Franchisee of

M&A ADVISORY

17 PropertiesSell-Side M&A Advisory

October 2015

Franchisee of

M&A ADVISORY

12 PropertiesBuy-Side M&A Advisory

October 2015

Franchisee of

M&A ADVISORY

Auspex’s Deal Activity for the Wendy’s System

Auspex Proudly Sponsors the

We are a leading financial advisor to the Wendy’s system

We specialize in the QSR industry

We have unparalleled deal making expertise

We work with franchisees as small as 5 units and as large as 500+

We focus on building long term relationships with our clients

The Auspex Advantage:

F I N A N C I A L A D V I S O R Y A N D I N V E S T M E N T B A N K I N Gwww.auspexcapital.com