News – July 24, 2023

Garden City Equity Announces Investment in Wathco, a National Leader in Restaurant Remodeling Services

Garden City Equity Announces Investment in Wathco, a National Leader in Restaurant Remodeling Services

Garden City Equity (“Garden City”), a people-first holding company that invests in blue and white collar service businesses, is pleased to announce its investment in Wathco (the “Company”). Wathco is a national leader in providing remodel, conversion, and expansion project services to multisite restaurant, retail, and hospitality brands with nationwide footprints.

Since its inception in 1996, Wathco has completed over 5,000 projects across 48 states en route to becoming a preferred remodeling and construction partner to national QSR, fast casual, casual dining, and multisite retail chains for high-volume, remodel and reimaging rollout programs.

Wathco marks Garden City’s sixth investment to date. Garden City uses minimal debt and invests for the long-term while leveraging the expertise and networks of its value-add family of shareholders to provide meaningful impact to its portfolio companies. Some of its mission-aligned shareholders and advisors include Chick-fil-A Chairman - Dan Cathy; Athlete and Co-owner of Walk-On’s and Smalls Sliders - Drew Brees; Walk-On’s Founder - Brandon Landry; Popeyes & KFC former CEO - Cheryl Bachelder; Everbowl Founder - Jeff Fenster; Ritz Carlton Founder - Horst Schulze; and Ashley Homestore DSG CEO - Chad Spencer.

“We are very excited to welcome Wathco to the Garden City family of companies,” said Michael Arrieta, Founder and CEO of Garden City. “We have felt like immediate partners with Jason Walder, Wathco’s CEO, from our very first meeting so this announcement feels long overdue. We love the national reputation that Wathco has built over the past 20+ years of providing high-quality, customer service and speed. The fact they can renovate an entire restaurant within 15 days in this current market says it all! We are excited to increase capacity with current customers and start helping new restaurant groups across the country.”

“I am pleased to be partnering with Garden City,” said Jason Walder, Founder & CEO of Wathco. “Since founding Wathco over twenty years ago, the Company and its people have come to mean so much to me. I am proud of where we are today, and I believe the opportunity in front of us is even greater. When I began this whole process, I never expected to build the level of trust with a partner to the extent that I have with Garden City. I feel like I have been given a second wind, and I am excited to take Wathco to the next level.”

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