A finance company focused on founder-led regional chains has made an undisclosed investment in Walk-On's Sports Bistreaux, the 42-unit sports-themed casual chain.
Walk-On's said it will use the funds from 10 Point Capital to accelerate its expansion. It currently operates in nine states, including its home base of Louisiana. The amount of the investment and other details were not disclosed by the parties.
10 Point has been an investor in Tropical Smoothie Cafes, which was recently sold to the private equity firm Levine Leichtman, and Slim Chickens. It specializes in fueling the expansion of emerging brands into national operations, usually with the concept’s founder leading the charge. The firm’s partners include Scott Pressly, a one-time partner in Roark Capital, and Charles Watson, the CEO of Tropical Smoothie.
Walk-On's founder, Brandon Landry, is the chain’s CEO. The brand is also associated with Drew Brees, quarterback of the New Orleans Saints. The concept has closely aligned itself with pro football and other sports. Its name is a reference to players who aren’t recruited for college or professional teams but win a position on the roster through a tryout, as Landry as a basketball player for Louisiana State University. Walk-On's describes its ambience as a “gameday experience.”
The chain has been on in fast-expansion mode, adding 10 units thus far in 2020. Management says five more restaurants will open by the end of the year.