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Carty Davis

Carty Davis

…. a leader in the Restaurant Finance and Transaction industry for 28 years, Carty Davis has initiated and managed hundreds of innovative transactions involving thousands of restaurant locations. Ranging from large refranchising programs to small equity raises for emerging concepts, Mr. Davis has initiated new trends in industry financing and capitalization, with a focus on maximizing value for his clients.

A graduate of Auburn University, Mr. Davis began his financial career with Hibernia Bank in New Orleans while attending Tulane’s Freeman Business School. He relocated to Atlanta in 1984, working with several regional banks before specializing in franchise lending with AT&T Capital’s Franchise Group in 1989.

Mr. Davis became an early leader in the Restaurant Securitized Debt Market in the early 1990’s, co-managing FMAC’s market-leading origination team, which led to FMAC’s successful IPO in late 1997. At FMAC, Mr. Davis initiated and managed the industry’s first combination of royalty and store financing securing a Charlotte restaurant investor group’s purchase of Bojangles’ in 1998.

In 1998, Mr. Davis co-founded and managed Peachtree Franchise Finance, originating over $150 million in financing in the first 6 months of operations, despite difficult market conditions affecting the securitized debt industry.

In 2000, Mr. Davis joined The Cypress Group, a fledgling boutique investment bank focused on the Burger King system. As a co-Partner for 16 years, he led Cypress’ ascent to the leading position in Restaurant and Franchise M & A and financing, spearheading the company’s diversification into Wendy’s, Taco Bell, Hardee’s, Bojangles’, and numerous other established QSR brands.

In 2011, Mr. Davis initiated a 60 franchise, 600-unit restructuring project for Arby’s, positioning Cypress as a leader in franchisor programs. Mr. Davis then leveraged a 25-year relationship with Wendy’s in 2013 to secure and manage a 340-unit refranchising initiative (SO-I), followed by a 540-unit follow-up refranchising project (SO-III) in 2015.

Mr. Davis, also originated and managed the TGI Friday’s refranchising project, consisting of the sale of approximately 175 restaurants. This project was completed in 2016.

During his tenure at Cypress, Mr. Davis managed the sale of independent casual dining, QSR and Quick Casual brands, culminating in over $1.7 billion in financings and M & A transactions.

Mr. Davis brings to C Squared a wealth of experience, having forged new trails and developments in the Restaurant Finance and Transaction Industry. Mr. Davis is well-known as a passionate advocate for clients, with an aggressive spirit, valued relationships and outstanding integrity. These traits have led to multiple transactions with numerous clients.  In fact, several clients have retained Mr. Davis for more than five separate projects.

A native of New Orleans, Carty has been a resident of Pinehurst, NC since 2004. Carty has a passion for travel, playing the world’s great golf courses, spending time with family in the low country near Beaufort, SC and cheering for the Auburn Tigers. Mr. Davis has traveled to 55 countries and 49 states, noting Namibia and Croatia as his favorite countries, Cape Town as the best city, and Machu Picchu as his favorite place.

Intensely competitive, Mr. Davis will bring his passion, focus and drive to any C Squared engagement.


Dan Connelly

…an experienced and goal driven deal maker, Dan brings a wealth of experience to the C Squared team. With Dan’s prior experience in accounting and finance and various roles as a member of the Dunkin Donuts team, Dan most recently excelled in M & A activity as the Dunkin Brand evolved into new markets and territories.

Prior to joining C Squared, Dan spent 11 years at Joyal Capital Management (JCM) where he ran the Franchise Development division. During his tenure at JCM, Dan completed over 60 consulting engagements which produced over $500 million of Restaurant M&A related closings and $750 million of successful debt placements. Dan’s projects were varied in nature as he provided advice on a full range of strategic transactions including: mergers & acquisitions, sell-side and buy-side advisory services, leveraged buy-outs, joint ventures, strategic alliances, refinancings, debt placement, and other restructurings. As a direct result of Dan’s leadership and transaction quarterbacking skills, JCM is a 2 time winner, 2014 & 2018, of the prestigious Franchise Times Dealmaker of the Year Award.

Prior to joining JCM Franchise Development, Dan spent 6 years at Dunkin’ Brands on the business development and franchising teams. His past leadership in mergers and acquisitions at Dunkin’ Brands included the facilitation of the Purchase and Sale activity of Dunkin’ restaurants in New England and Upstate New York. This process required leading more than 500 store transfers that involved store valuations, lease negotiations, lease assignments, valuation of rent streams and debt restructurings. Most importantly, Dan was able to bridge the gap between Dunkin’ Brands and the franchisee to allow for a smooth transition and an ultimate closing that provided a value proposition for everyone involved.

Dan maintains close ties with the Dunkin’ Donuts franchisee community through his work with the Dunkin’ Donuts Independent Franchise Organization (DDIFO), where he has served on the Board of Directors since 2009 and currently serves as its Chairmen.

Dan began his career in the Boston office of Ernst & Young, LLP where he spent six years in the audit and consulting divisions.

Dan holds a Master’s degree in Business Administration from Babson College, Magna Cum Laude, a Bachelor of Arts degree, Economics/Accounting from the College of the Holy Cross and is Certified Public Accountant (inactive status) in the Commonwealth of Massachusetts.


Pat McCauley

… an experienced franchise development executive, Pat was responsible for the acquisition and disposition of 1,200 U.S. and Canadian restaurants for The Wendy’s Company. As Director of Franchise Development at Wendy’s, Mr. McCauley excelled at balancing the interests of the franchisor with the demands and challenges of hundreds of franchisees. His understanding of franchisees’ goals, objectives and trigger points for new investment, resulted in well-established, long-term relationships with several franchisees throughout the U.S. and Canada.

Pat’s high degree of integrity and ability to keenly synthesize franchisor/franchisee business objectives, enabled him to orchestrate a successful refranchising strategy for Wendy’s, which included valuations, deal negotiations, leadership alignment and internal cross-functional communications.

Mr. McCauley also served as Director of Franchise Finance while at Wendy’s providing financial consulting to individual franchisees while assessing the overall financial health of the U.S. and Canadian franchise system. Prior to his career at Wendy’s, Mr. McCauley worked in Ernst & Young’s audit practice for 5 years as a CPA where he focused on retail and healthcare clients.

Pat received his MBA from The Ohio State University’s Fisher College of Business with a concentration in Corporate Finance and Marketing Management. He received his Bachelor of Science in Accountancy from Miami University.

A native Buckeye and sports enthusiast, Pat is an avid fan of Ohio State and Cleveland sports. A self-described family man, he spends quality time with his wife and son and enjoys an occasional round of golf.

Passionate about seeing his clients’ businesses succeed and fostering relationships built on trust and integrity, Pat brings unparalleled commitment to all C Squared clients.

Brent Elsass

…an accomplished financial professional, Brent has a wide-range of experience and expertise providing sell-side and buy-side advisory services, succession planning, and corporate finance solutions to closely-held businesses and middle-market corporate clients. His background as both an advisor and as an industry professional has allowed him to better understand his client’s businesses from all angles – not only as an advisor, but also as an owner/operator, investor, lender, and franchisor.Prior to joining C Squared, Brent spent 5 years at The Wendy’s Company in management roles within the finance organization. In his time at Wendy’s, Brent assisted with the acquisition and disposition of corporate and franchised restaurants, including building comprehensive financial models, leading the due diligence process, and tax structuring. Brent also assisted with the tax structuring and diligence in conjunction with multiple debt recapitalizations, including a $2+ billion whole business securitization of its franchise system. In his most recent role, Brent led a lean six sigma team tasked with identifying savings opportunities related to G&A and operational improvements for the company.

In addition to his time at Wendy’s, Brent also served as the Chief Financial Officer of a regional automobile dealership group. As CFO, Brent led the company through the acquisition of multiple automobile dealerships. Having first-hand transaction experience as both an advisor and as an executive, Brent has a great appreciation and understanding for all the details that go into a successful transaction and the key roles that everyone plays.

Brent began his career in public accounting, where he worked for 5 years providing tax consulting and business advisory services. A graduate of Ohio University, Brent holds a Bachelor of Business Administration in Accounting, Cum Laude, and is a Certified Public Accountant (inactive) in the State of Ohio.