NEW YORK, September 16, 2025 – Proskauer advised Painswick Capital ("Painswick") on its investment in private equity firm Butterfly's closing of a $527 million single-asset continuation fund for QDOBA Restaurant Corporation ("QDOBA"), the No. 1 Mexican fast-casual franchisor in North America.
The transaction was oversubscribed and provides an attractive liquidity option for QDOBA's existing investors, strengthens the company's capital structure and provides a clear runway to achieve its next phase of growth and value creation. Apollo's Sponsor and Secondary Solutions business led the transaction with additional commitments from a diverse group of new and existing investors, including Painswick.
Painswick is a specialist investment firm primarily focused on high-performing middle market companies within the rapidly expanding single-asset continuation vehicle market. The investment underscores the firm's commitment to partnering with high-performing sponsors, management teams and companies.
The Proskauer team was led by partner Blake Halperin (Private Funds), partner Mike Ellis (M&A) and partner Jeremy Naylor (Tax). It also included associates Alexander Starr and Rebecca Elsner (Private Funds), associate Jordan Shelton (M&A) and associates Philip Lenertz and Kendall Keshtkar (Tax).