Smashburger, a fast-casual “better burger” concept recently launched and funded with $15 million by private equity and concept development firm Consumer Capital Partners (CCP), has secured its first joint venture (JV) partner, Smashburger WTO Acquisition, LLC. The group, which will build out Wichita, Tulsa and Oklahoma City, includes several successful area real estate developers as well as an experienced multi-unit franchise operator.
The partnership with Smashburger WTO Acquisition, LLC., follows the recent announcement of a 30-store franchise deal with New Jersey-based Mascott Corporation for development in North East New Jersey.
“The joint venture model we are pursuing with our Kansas and Oklahoma build out provides us with local real estate and operations expertise while allowing us to stay more actively engaged in the development of our presence in that area of the country,” said David Prokupek, Managing Partner and Chief Investment Officer of Consumer Capital Partners. “Aligning ourselves with capital and expertise in the local markets we enter will significantly enhance a smart, yet rapid rollout of Smashburger in this important geographic area.”