Driftwood Restaurant

Company: Driftwood (“DW” or “Company”)

Financing Amount: $800,000

Financing Structure: $800,000 RE Term Loan

Financing Date: September 4, 2024

About the Company

Driftwood is one of South Florida’s best-kept dining secrets, where every dish tells a story of passion, innovation and a deep-rooted connection to the local community. Located on US 1 in Boynton Beach, Driftwood was opened in 2017 by dynamic husband-and-wife duo Jimmy Everett and Ilia Gonzalez, alongside acclaimed mixologist Freddy Schwenk. The team is
dedicated to sourcing ingredients locally, forging partnerships with artisans and farmers who share their vision of quality and sustainability.

At Driftwood, every dish serves as a testament to their unified vision, from the Local Beets Caesar with smoked house bottarga and Parmigiano Reggiano to the comforting Rigatoni Bolognese, rich with pork and beef ragu, and topped with housemade whipped ricotta. Working closely with local fisheries, their daily Fish en Papillote showcases the freshest catches, complemented by Kai Kai Farms beans & root vegetables, Gratitude Garden Farms mushrooms, arugula, and a sumptuous buttered popcorn puree. For a sweet finish, the Affogato features chocolate from Delray Beach’s renowned chocolatier 51/50, accompanied by mascarpone ice cream and a shot of espresso. From the raw cow’s milk sourced from Keely Farms for their delectable ricotta to the savory beef supplied by North Florida’s Quincey Cattle Company, every ingredient is meticulously sourced with care. Driftwood’s commitment to sustainability doesn’t end with its ingredients. With an on-site garden yielding fresh vegetables and herbs and a penchant for pickling, fermenting and utilizing every part of the animal or vegetable creatively, the restaurant ensures nothing goes to waste.

Situation

Driftwood faced challenges with high-cost debt that was impacting their financial flexibility and ability to grow. The company recognized the need to restructure their debt to improve cash flow and create opportunities for expansion. With an increasing demand for their culinary offerings and a desire to expand their market presence, Driftwood sought a financial solution that would allow them to optimize their capital structure and fuel growth initiatives.

Solution

Alantes stepped in to provide expertise and guidance with a properly structured credit facility. After a comprehensive assessment of Driftwood’s financial position and growth objectives, the team successfully arranged a $800,000 Real Estate Term Loan for the company. This financing solution not only refinanced the existing high-cost debt but also provided additional working capital from the proceeds to fund expansion. The improved financial position has enabled Driftwood to expand its operations and grow its presence in the market.

Commenting on the success, Ilia Gonzalez of Driftwood, expressed her satisfaction: “The team at Alantes has provided exceptional service and has shown impeccable competency throughout this refinancing process. Their team worked tirelessly to secure the capital structure we needed to support our growth plans.”

With the refinancing completed, Driftwood is well-positioned to capitalize on market opportunities, enhance its culinary offerings, and continue delivering exceptional and satiating dining experiences to its valued customers.

About Alantes

Alantes Corporate Finance (“Alantes”) specializes in capital raises and strategic advisory for small to middle market businesses across the nation. Our team prides itself on our ability to provide unique solutions for all of your business needs. Whether you’re looking to acquire a new company or additional working capital for operations, Alantes is your trusted source for business growth and expansion. Our multi-faceted approach allows us to craft creative solutions that adds value at the most critical junctures so you can focus your resources on core business activities.

For more information on this transaction, contact Alantes Corporate Finance at info@alantes.com
Alantes Corporate Finance, LLC
234 5^th Avenue, 2^nd Fl
New York, NY 10001
www.alantes.com

Tagged Transaction