Clean Plate acquires and manages a diversified portfolio of successful independent and small chain restaurants. We acquired our first restaurant in September 2013. Since then, we have rapidly grown to a company of twelve restaurants located in six states.
We search for restaurants with proven track records. After careful review of supporting financial documents, we acquire restaurants with top-tier sales productivity and profitability. When we acquire a restaurant, our goal is for the ownership transition to be seamless. We respect the hard work of the prior owner by protecting all key aspects of the business. We preserve the name, branding and menu. Most importantly, we retain the restaurant staff. If possible, we secure the prior owner as a future partner to help us continue to grow the business. Original founders have partnered with us in six of our restaurants.
We empower and incentivize the General Managers (GMs) to make smart decisions as they lead our restaurants. The executive management of Clean Plate supports these GMs in all aspects of the business:
We centralize much of the paperwork required to run a restaurant. This liberates our GMs to focus their time and attention on running great restaurants.
Clean Plate plans to build a national entity comprised of individual restaurants and small chains producing diversified and non-correlated cash flow streams. Our ambition is to become one of the fastest growing and most profitable restaurant companies in the US. The size of the prize is large: the US restaurant industry produces $471.1bn in annual sales.
BY THE NUMBERS
The four-wall profit margins for our restaurants are strong because we acquire restaurants with the following attributes:
We focus on high quality restaurants with proven success. The average Yelp score for the restaurants in our portfolio is 4 stars. Three of our restaurants improved their Yelp scores under our ownership.
Our balance sheet is strong with large cash balances and no formal bank debt.
Our investor base is comprised of 48 institutional quality individuals. This includes meaningful contributions from Clean Plate management members and eight (current or former) CEOs.
We value the relationships with our landlords. All 209 of our monthly rent payments were on time.