At this year’s Restaurant Finance and Development Conference (RFDC), attendees had the chance to hear an incredible success story during the session “What We See in the Restaurant Business and How We Built an Investment Platform Around It.” Moderated by John Hamburger (Restaurant Finance Monitor), the discussion featured Matt Perelman and Alex Sloane, co-founders of Garnett Station Partners, who shared their inspiring journey from entrepreneurial beginnings to leading a $2.5 billion investment platform.
From 23 Burger Kings to 26 Companies
The story began with two lifelong friends who shared a vision. After attending business school, Matt and Alex entered the fast-food world, acquiring 23 Burger King locations in North Carolina. Through operational improvements and strategic growth, they expanded their portfolio to include 166 Burger Kings and 55 Popeyes. In 2019, they sold their enterprise to Carrols Restaurant Group, marking a major milestone in their careers.
This achievement set the stage for their next venture: Garnett Station Partners. Today, their firm has approximately $2.5 billion in assets under management and has invested in 26 companies across various industries, with a strong focus on restaurants and consumer-facing businesses.
Favorite Quote
I loved the discussion on how they got started – calling KFC to try and buy a few stores, but they had no experience and no capital, so they were turned down. Instead, they signed some personal guarantees to get the loans and capital to make the acquisitions that they needed. It’s a slight paraphrase, but mostly it was “When you’re young everyone tells you to not sign a personal guarantee. But we were young, and had no money, so we signed two.”
Lessons in Growth and Investment
During the session, Matt and Alex shared key insights that shaped their journey and investment philosophy:
- Operational Excellence Drives Value
From their Burger King days, they learned the importance of refining operations to improve profitability. Whether it’s labor management, supply chain optimization, or menu engineering, operational efficiency is a cornerstone of sustainable growth. - Scaling with Purpose
Their rapid expansion was not just about acquiring more locations but ensuring those locations performed at a high level. For Matt and Alex, scalable systems and strong leadership teams were critical to their success. - Investing in Potential
At Garnett Station Partners, their focus is on identifying businesses with strong fundamentals and untapped potential. Their portfolio reflects a commitment to helping companies grow through strategic guidance and capital investment. - Seeing the Bigger Picture
Beyond individual investments, Matt and Alex emphasized understanding broader market trends. By staying ahead of consumer behaviors, technology advancements, and economic shifts, they position their firm and its investments for long-term success.
The Future of the Restaurant Industry
Matt and Alex also shared their perspective on where the restaurant industry is headed:
- Consolidation: They see continued opportunities for consolidation in fragmented markets, creating efficiencies and scale.
- Tech-Driven Growth: Technology will play a pivotal role in streamlining operations and enhancing the customer experience.
- Evolving Consumer Preferences: As dining habits shift, investing in brands that adapt and innovate will be essential.
An Inspiring Path Forward
This session was more than just a retrospective on Matt and Alex’s accomplishments—it was a masterclass in entrepreneurial thinking, strategic growth, and investment leadership. Their story serves as inspiration for restaurant operators, franchisees, and investors looking to navigate today’s challenges and seize tomorrow’s opportunities.
As the restaurant industry continues to evolve, their insights highlight the power of vision, discipline, and adaptability.
What did you take away from their story? Let’s connect and discuss how these lessons can apply to your business or investments.
