The Riese Organization, one of the largest restaurant owners and managers in New York City, announced the formation and funding of Riese Capital, a more than $5 million venture capital fund. The fund will invest and partner with creative chefs and restaurant entrepreneurs, who would likely be unable to source traditional financing to grow their concepts, says CEO Dennis Riese.
Known for its nationally recognized restaurant brands--including T.G.I.Friday's, Pizza Hut, and Tads Steaks--and prime real estate holdings, the Riese Organization has started the fund to maximize the potential of its financial strength. It plans joint ventures with small chains and single-unit owners, providing management guidance and support and sharing its purchasing and marketing capabilities to promising restaurant partners.
Investments would range from $500,000 to $5 million.
"Riese Capital is in a good position to nurture creative but financially limited operators while providing attractive investment opportunities and significant potential returns to our company," Riese says. "With our track record, we know what works in the restaurant business better than less specialized financial institutions. We know a good idea when we see it."
In its 70-year history, the Riese Organization has achieved a dominant position in the real estate and foodservice industries. It has exclusive access to prime locations in New York City, as well as some of the world's most popular restaurant concepts. Additionally, the Riese Organization has real estate holdings that include prominent New York City addresses in midtown on Lexington Avenue, in the Rockefeller Center area on 5th Avenue, downtown in the Wall Street area, and in the heart of Times Square.
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