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Our Team

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.


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 numerous franchisees throughout the U.S. and Canada.

Pat’s ability to keenly synthesize franchisor/franchisee business objectives, enabled him to orchestrate a successful overall strategic plan and refranchising strategy for Wendy’s, which included valuation work, deal negotiations, legal documentation review, leadership alignment and internal cross-functional communications.

Mr. McCauley also served as the Director of Franchise Finance 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 and 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 B.S. 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 young 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.


Bill Henneman, CPA

…is an experienced financial and operational executive with significant exposure to the restaurant industry and entrepreneurial companies.  With a Big 4 Public Accounting background, and a mix of CFO and COO roles in growth-oriented organizations, Bill brings a diverse skill set to C Squared.

Henneman’s background includes multi-unit restaurant, real estate, financial service, and technology organizations, in which he directed acquisitions, divestitures, and recapitalizations, and raised growth capital. In addition to accounting and finance, Bill has significant experience in operations, strategy, business development, HR, IT, real estate, legal and administrative functions.

Bill’s experience in the Restaurant Industry is significant.  Henneman helped drive growth from 15 to over 100 restaurants at a Midwest-based Hardee’s franchisee.  The entity used significant and various debt leverage to drive its growth, and Henneman managed all credit relationships.  This entity had the highest average unit sales of any large franchisee in the entire Hardee’s system.  Ultimately, Henneman helped drive a successful sale and exit for this privately-held entity.

Henneman is experienced in a wide range of entity governance structures, including public, private, and joint venture, and is experienced in wide variety of industries.  The common denominator for most of his career has been entities with a high revenue growth strategy and a potential exit event in the medium term.

At C Squared, Bill will focus on the analysis, deal valuation, execution alternatives and deal process.  In addition, Bill will assist the C Squared team in financial outsourcing and part-time CFO activity for clients, leveraging his significant financial and strategic experience.

Bill is married with two daughters and resides in Minneapolis, Minnesota.  He enjoys travel, family, tennis, golf, boating and cycling.


Lisa Youngclaus

…has spent 30 years in the advertising industry, with both large and small agencies.  Youngclaus was the first female Sr. Vice President at advertising behemoth J. Walter Thompson in Chicago, where she managed the $50 million per year Kraft foods brands portfolio.  Youngclaus also led national advertising campaigns for such iconic brands as Procter and Gamble, Bristol-Meyers Squibb, Stouffer’s Foods, Ralston Purina, and other Fortune 500 companies.

Currently, Lisa is co-owner of Youngclaus & Miller, a branding consultancy and design firm.  Youngclaus & Miller has created brands in the financial services, energy, professional services, recreation, and retail/event sectors.  Specializing in finding each brand’s unique point of difference, Youngclaus then spearheads the creative expression of that difference in both branding and marketing applications, leading to business success.

Youngclaus was instrumental in the creation of the C Squared Advisors brand, including strategic vision, logo design, and website development.  She continues to be responsible for managing marketing, communications, and public relations for C Squared.

Youngclaus also recently completed a two-year Graduate degree in Digital Communication Technology and the University of North Carolina, Chapel Hill.


Matt Boulden

…is an experienced computer technician and IT consultant.  His expertise includes computer networking, website design and maintenance, email and contact management, and general IT support.  He has vast experience with Microsoft, Apple, and PC products and platforms.

Boulden proudly served our country as a member of the 82nd Airborne Division of the U.S. Army, stationed at Ft. Bragg.  In his 7 years as a Forward Observer, including a tour of Iraq, Matt established the grit and courage he now uses to tackle technology challenges.

Currently pursuing his Master’s degree in Cybersecurity, Matt brings to C Squared a welcomed technological expertise and a “figure it out and get it done” attitude.

Originally from Maryland, Matt currently resides in North Carolina.