Romano's Macaroni Grill

Sale-leaseback of 39 properties in 13 states

8214 Westchester Drive
Ninth Floor
Dallas, Texas 75225
Phone: 214.696.3600
Fax: 214.696.9845

We work with our clients to help their businesses soar. Cardinal Capital has the flexibility and analytical skills to partner with companies from a wide range of industries. The following is a partial list of the clients that have turned to us for help in reaching their financial goals.

• Academy Sports & Outdoors
Alabama Gas Company
• Bank of America
• Barnes&Noble
Beckman Coulter
• Black&Decker
• Blockbuster
Boscov's Department Stores
Bruno's/BI-LO Stores
• Cingular Wireless (now AT&T)
• Circuit City Stores
• CompUSA
• Corporate Express
Dick's Sporting Goods
• Eckerd Corporation
• Firestone Tires
Fleming Companies, Inc.
• General Cinema Corporation
Georgia-Pacific Corporation
Hardee's Franchisee
• Huntington Bancshares
• Indiana Energy
• International Filing Company
• Long John Silver's
Macaroni Grill
Marsh Supermarkets
• McDonald's
• Neways
• Pier 1 Imports
• Randalls
Reuters Group PLC
Rite Aid Corp.
• Royal Ahold N.V.
• Sears, Roebuck & Co.
• Shaw's Supermarkets
Sovereign Bank
• Spiegel & Newport News
• Taco Bueno
• The Home Depot
TW Metals
• Unisource Worldwide
• Wal-Mart
• Washington Mutual
• Winn-Dixie

Marsh Supermarkets

Marsh Supermarkets announced that it hired Merrill Lynch to find a buyer for the family-managed supermarket business which recently had been struggling with declining store sales and thinning margins. Sun Capital, an operationally focused private investment firm focused on leveraged buyouts and investments in turnarounds and underperformer situations, reached an agreement in April 2006 to acquire Marsh Supermarkets for $325 million subject to shareholder approval. To help finance its acquisition, Sun Capital sought a sale-leaseback partner to acquire all of Marsh’s viable real estate assets for approximately $215 million, or two-thirds of Sun’s acquisition price.

Cardinal Solution:
Sun Capital chose Cardinal Capital as its sale-leaseback partner in August 2006. Cardinal Capital has vast supermarket sale-leaseback experience completing 2 portfolios with A&P, in addition to portfolios with Albertsons, Bruno’s/Bi-Lo, Raley’s, Tom Thumb, and Shaw Supermarkets. Cardinal Capital Partners successfully closed on the $215 million sale-leaseback in November 2006. The transaction was comprised of 29 retail properties, 2 refrigerated warehouses, and the corporate headquarters in Indiana and Ohio.