By Dr. Bharat Sangani, Dale Doerhoff and Nili Jaisinghani, Encore Restaurants

Discussion Points:

1. What is fast casual?
2. What are the top fast casual brands and why?
3. Why has fast casual become an attractive opportunity for institutional investors, including private equity firms?
4. Why location selection and investment strategy is crucial to growing fast casual wealth.
5. How operational expertise and first-hand industry knowledge creates a competitive advantage.

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Dr. Bharat Sangani

Co-Founder & Chairman

Dr. Bharat Sangani co-founded Encore Enterprises, the parent company of Encore FGBF, in 1999 as a vehicle for investors to share in the success of his real estate deals. In 1991, “Doc”, as he is known by both clients and co-workers, made his first investment in real estate, transforming a failing hotel in Hollywood, Florida. Doc quickly learned he has a natural instinct for investing and began growing his portfolio. Over the nearly 30 years that followed, Doc has established a successful real estate investment and development firm with a proven track record across multiple sectors throughout the United States. He is responsible for more than $2B in real estate transactions for Encore and oversees every aspect of the business, from operations to financial management. In 2014, Dr. Sangani, along with Mr. Barber and members of the Board, decided to parlay the operational skill set Encore developed through its in-house property management into the restaurant business. He viewed the restaurant industry as an ideal sector to counterbalance the cyclical nature of real estate with cash flow generated from a stable operating business with a reputable franchise. Admired for his relentless work ethic, Doc, along with a team of experienced, results-driven, and forward-thinking individuals, leads Encore on the principles of honesty, integrity, and fairness. He is an active contributor to the community and is involved in various charities both locally and in India.

Dale Doerhoff

President

Dale Doerhoff joined Encore in 2015 and oversees the Encore FGBF portfolio. With 35 years of industry experience., Mr. Doerhoff has led over 150 projects and more than $500 million in portfolios throughout his career. Since becoming President of Encore FGBF, Mr. Doerhoff has overseen more than $100 million in the acquisition and development of over 60 casual dining restaurants. Prior to coming on board with Encore, Mr. Doerhoff served as Vice President of Operations and Development for Studio Movie Grill. While there, he built and oversaw an operations team of 3,500 employees, supervised new site development and construction, and grew the company’s annual revenue from $12 million to $150 million in five years. Previously, Mr. Doerhoff worked for Arnold Palmer Golf Management and RSI Golf Management. As Vice President of Operations, Mr. Doerhoff oversaw thousands of employees across numerous private and semi-private golf clubs across the nation. Throughout his career, he has founded and built multiple food and beverage companies in collaboration with organizations such as the PGA Golf Tournament at Castle Pines, Denver Broncos Football Corporate Suites at Mile High Stadium, Grand Prix Race – Denver, Winter Park Resort, Anschutz Ski Train, and various others. Mr. Doerhoff has also executed numerous dining contracts with national corporations including Nabisco, Merrill Lynch, Textron, and US West Communications. Mr. Doerhoff holds a B.S., F.S.N. in Business Management from the University of Missouri.

Encore Five Guys Burgers & Fries

Encore FGBF takes advantage of Encore’s proven track record of acquiring and developing Five Guys Burgers and Fries fast casual restaurants. The Fund focuses on strategic growth and will comprise 113 restaurants in five territories throughout the US, with development rights for an additional 100 stores.

Investment Summary:

• The Fund focuses on strategic growth and seeks to:
• Diversify existing portfolio and stabilize cash flows by growing Encore FGBF portfolio
• Build Encore’s restaurant portfolio to a critical mass of 200 stores and/or an EBITDA of at least $20 million. At this target size, potential exit strategies include a sale to a larger private equity company interested in consistent operational cash flow, or an initial public offering.
• Equity raised will be used to recapitalize the existing investor base and acquire the Texas portfolio with associated development rights
• Encore anticipates a 6-year hold, allowing for completion of majority of development across all territories

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“Why Fast Casual is Attracting Institutional Capital”

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