Citizens Capital Markets & Advisory served as the exclusive financial advisor to Mosaic Management and Mosaic Red Hat Group, a franchisee of Arby’s, on the sale of 40 restaurants located across Florida, North Carolina and Virginia. The restaurants were sold to AES Restaurant Group.

Mosaic is an Atlanta-based management firm specializing in investment, development and operations of multi-unit portfolios in the food and beverage, hospitality and real estate industries. Mosaic will continue operating quick service restaurants as a franchisee of Burger King.

“We were very pleased with Citizens’ work from beginning to end. They provided thoughtful strategic advice every step of the way as we maneuvered through the process,” said Murad Karimi, CEO and Founder of Mosaic. “We were impressed with how collaborative and effective Citizens was in working with our other third parties, our franchisor and the buyer, and we would highly recommend using David Stiles and the Citizens team with any sale initiative.”

AES Restaurant Group is an Indianapolis-based restaurant management company. Following this transaction, it is now the second-largest franchisee in the Arby's system, with a total of 229 restaurants in 17 states.

“Working with David Stiles and Citizens was a game-changer for our acquisition process. Their deep industry knowledge, strategic approach and unwavering commitment ensured a seamless transaction,” said John Wade, CEO and Founder of AES Restaurant Group. “David’s negotiation skills, attention to detail and ability to navigate complexities made this transaction not just successful, but truly efficient. If you're looking for an investment banking team who delivers results and fosters trust, Citizens is the one to call."

Citizens Managing Director David Stiles added: “This was an important transaction for the Arby’s brand and we look forward to the continued success of both Mosaic and AES Restaurant Group.”