RETAIL & RESTAURANT GROWTH CAPITAL, L.P. PROVIDES FINANCING FOR MCC HOLDING CO., INC.
DALLAS - NOVEMBER 21, 1997 -- Retail & Restaurant Growth Capital, L.P., ("RRGC"), a Federal Licensee under the Small Business Investment Act, has announced that it has made a $3 million investment in MCC Holding Company, Inc. An additional investment to MCC Holding was made by Dallas-based Cardinal Investment Company and Fagan Capital, Inc.
MCC Holding Company, Inc. is a privately held company operating 14 automotive service repair centers under the concept name "Mobile Car Care". The Company is based in Houston, Texas and all of the existing stores are located in the metropolitan Houston area.
Greg Sands, the current President of the Company, has a unique operating strategy which applies the customer service and operating principles of highly respected restaurant industry to the Company's operations. The company has shattered the sterotype of car repair and service providers to one of unmatched service, trustworthy operators, clean facilities, and experienced technicians.
"Due to today's hectic schedules, the auto repair industry is transitioning to greater use of service providers from do it yourself repairwork" states Raymond C. Hemmig, General Partner of Retail & Restaurant Growth Capital "we are excited about our investment because of this trend and the strength of Mobile Car Care's management team".
The Company offers complete automotive repair as noted by their trademark slogan, "We fix everything". As an example, the Company provides extended store hours, free customer shuttle, emergency road-side rescue, 24-hour towing, and friendly well dressed store associates. Over 80% of cars brought to the Company's units are repaired and serviced the same day.
In addition the mechanics employed at the store level are all certified technicians. In fact, 40-60% of the mechanics are the "Master Technians". The use of certified technicians at this level is virtually unheard of in the industry. As a result, the Company currently operates at unit sales levels that are significantly better than industry averages.
RRGC provides debt capital and strategic counsel to emerging retail and restaurant business that have exhibited a potential for accelerated growth and expansion. Dallas-based RRGC is the first licensed SBIC to specialize in providing debt securities to the retail and restaurant industries, both of which have traditionally had limited access to debt and equity markets. RRGC's portfolio companies, other than Mobile Car Care, include The Colorado Pen Company, Quizno's Classic Subs and Elizabeth Arden Red Door Salons, Texas Land & Cattle Company and Foodstar Restaurant Group, Inc.