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Pennant Foods Corp.

Pennant Foods, headquartered in San Diego, California, and Knoxville, Tennessee, is one of the largest franchisees of Wendy’s Old Fashioned Hamburgers┬« quick-service restaurants. Pennant operates 88 Wendy’s restaurants in California and Tennessee. Pennant was acquired in partnership with management in March 2003. Wendy’s Old Fashioned Hamburgers┬« is the third largest hamburger quick-service restaurant concept, operating over 6,400 restaurants worldwide with system-wide revenues that exceed $9 billion. Wendy’s commitment to operational excellence, its diverse and innovative menu offerings and the quality of its food have made Wendy’s a leader.

The company operates three divisions, including 24 restaurants in north Los Angeles, Ventura, Santa Barbara and San Luis Obispo counties; 30 restaurants in San Diego, Riverside and Imperial counties; and 34 restaurants in and around the greater Knoxville, Tennessee, metropolitan area.

Throughout the investment period, Brockway Moran & Partners has worked with management to assess the market dynamics and profitability of its stores in order to optimize Pennant’s portfolio of restaurants. Additionally, Pennant has executed numerous sale leasebacks during our ownership period, creating incremental value. Pennant is presently executing an “image activation” program, in line with a system-wide initiative designed by Wendy’s. The program involves construction at certain locations to update their appearance, functionality and branding. This initiative has been well received by Wendy’s customers and further elevates the Wendy’s experience.