Versa Capital Management has refinanced Black Angus Steakhouse

Lincoln International (“Lincoln”), a leading global mid-market investment bank, announced today the successful completion of a financing for Black Angus Steakhouse, LLC (“Black Angus” or the “Company”), a portfolio company of Versa Capital Management, LLC (“Versa”). For over 50 years, Black Angus has been a leading operator of “polished casual” steakhouses, providing customers with an affordable steakhouse experience with Western-style flair. The Company currently operates 45 restaurants in six states spread throughout the West Coast.

Lincoln acted as the exclusive financial advisor to Versa and Black Angus in connection with Black Angus’ financing, which consisted of a senior secured credit facility provided by Medley. Proceeds from the transaction were used to refinance existing indebtedness, support Black Angus’ strategic growth plans and fund the Company’s ongoing working capital requirements.

As Black Angus’ financial advisor, Lincoln worked closely with Versa and the Black Angus management team to structure, arrange and negotiate the financing. Jeff Armbrister, Managing Director at Versa, commented, “We are very pleased to have partnered with Lincoln on this financing. Lincoln helped us explore multiple structural options, executed a high-quality process and assisted us in securing an outstanding financial partner to support Black Angus’ future growth and development.”

About Black Angus

Founded in 1964, Black Angus has a long history of providing customers the best steak dinners at affordable prices. The company currently operates 45 locations in Alaska, Arizona, California, Hawaii, New Mexico and Washington. Some locations also carry a concept-within-a-concept, branded BullsEye Bar that has distinguished the chain from its competitors. Black Angus has received numerous awards including the 2014 Certificate of Excellence (Trip Advisor), 2014 Best of the Inland Empire (Inland Empire Magazine), 2012 Best Steakhouse and Best Happy Hour (Los Angeles Times) and 2012 Kid Friendly Opentable Diner’s Choice award. For more information, please visit www.blackangus.com.

About Versa

Based in Philadelphia, Pennsylvania, Versa is a private equity investment firm with more than $1.4 billion of assets under management and focuses on control investments in special situations involving mid-market companies where value and performance growth can be achieved through enhanced operational and financial management. Versa’s portfolio includes retailers Avenue Stores, Bob’s Stores Eastern Mountain Sports, Sport Chalet and Wet Seal; global hospitality services provider BridgeStreet; defense contractor Allen Vanguard; boat manufacturer Hatteras Yachts; branded specialty fabric manufacturer Polartec; and community newspapers under Civitas Media. For more information, please visit www.versa.com.

About Medley

Medley Management Inc. (NYSE: MDLY) is an asset management firm offering yield solutions to retail and institutional investors through Medley LLC and several registered investment advisors. Medley’s national direct origination franchise, with over 80 people, is a premier provider of capital to the mid-market in the U.S. As of March 31, 2015, Medley had in excess of $3.9 billion of investable capital in business development companies, Medley Capital Corporation (NYSE: MCC), the Sierra Income Corporation and private investment vehicles. Over the past 13 years, Medley has invested in excess of $5.3 billion to help over 290 companies grow across 35 industries in North America. For more information, please visit www.mdly.com.

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