CrowdOut Capital Announces Appointment of Leadership Team for Punch Bowl Social
Former executives return to lead the eatertainment concept following purchase by CrowdOut Capital in April 2021
DENVER, June 24, 2021 /PRNewswire-PRWeb/ -- CrowdOut Capital has appointed new leadership for Punch Bowl Social, the nationwide eatertainment establishment purchased by the Austin-based investment group earlier this year. Robert Cornog, Jr. and Richard Flaherty will serve as Co-CEOs. Mr. Cornog will also be Chairman of the Board of Directors. Since the purchase, Cornog and Flaherty have stepped in and pursued an aggressive reopening strategy nationwide, having already re-opened 12 locations since the post-closing transition.
CrowdOut Capital CEO, Alexander Schoenbaum commented that "Today's announcement marks an important step in Punch Bowl's recovery from Covid. I am extremely excited to have Rob and Richard back running the business and providing strong leadership and stability. With this leadership team in place, Punch Bowl is in "good hands" and we expect it to return to its position as a leader in this exciting industry sector. When Robert Cornog and I negotiated the original loan, CrowdOut looked to him to lead the business – that has not changed. And Punch Bowl's restaurants have never operated more smoothly (or profitably) than when Richard Flaherty was running them. It has taken more than a year to get to this point, but we are looking forward and ready to restart growth!"
Both Flaherty and Cornog have deep leadership experience in the restaurant and food service industries. Flaherty previously served as Punch Bowl's COO and is a more than 25-year veteran in hospitality, having been at the helm of operations for notable nationwide food-service brands throughout his career. Cornog is a Co-Founder of Punch Bowl Social and previously served both on its Board of Directors and as Chief Financial and Legal Officer. He has previously held positions at some of the nation's largest and most prestigious law firms and financial institutions. The pair also serve as Co-CEOs of wagamama USA, where they are charged with growing the UK-based Asian-fusion concept across the US.
"My history with Punch Bowl Social pre-dates the opening of the first location in Denver and I could not be more excited about returning to the business. Punch Bowl Social has always been one of the most compelling concepts in the industry – the past 12 months have not diminished that in any way. With CrowdOut as a partner and renewed financial strength and stability post-bankruptcy, Punch Bowl Social is in an enviable position and I have no doubt that we will continue to march toward achieving our ultimate goals and growth objectives," added Cornog.
Punch Bowl Social was one of the fastest growing eatertainment brands in the U.S. pre-Covid, as it evolved the traditional concept by combining elevated food and drinks with curated design, activities and games. Each location features a bowling alley and 360-degree cocktail bar and offers a menu of scratch-made fare, eponymous punch bowls, craft cocktails and more. Additionally, each location is uniquely designed and outfitted to represent its location and the surrounding neighborhood. With the bankruptcy resolved, Cornog and Flaherty are focusing on moving the brand forward and evolving its culinary and cocktail experience with entertainment and hospitality remaining at the forefront of the consumer experience.
"I am personally passionate about the incomparable guest experience and atmosphere that Punch Bowl Social provides," says Flaherty. "Now that we are reopen, we have exciting plans to continue our focus on abundant hospitality and elevate our offerings with chef-driven food that has a stronger focus on local fare, refined craft cocktails and more. Going forward, Punch Bowl Social will have everything our guests loved and more. We are happy and proud to be back leading the business."
About CrowdOut Capital
CrowdOut Capital is a leading private lender to lower middle-market companies. CrowdOut's network of experienced owner-operators and industry veterans provide exclusive deal opportunities and key insights during underwriting and diligence. In addition to access to needed capital, borrowers benefit from the proprietary knowledge of CrowdOut's connected network of investors. Family offices, institutional and accredited investors have the opportunity to invest through the CrowdOut Credit Opportunities Fund or on a deal-by-deal basis. CrowdOut has led more than $315 million in originations since inception.
To learn more, please visit http://www.CrowdOut.com or follow @CrowdOutCapital on LinkedIn, Instagram and Twitter.
About Punch Bowl Social
Punch Bowl Social is widely regarded as the leader in the growing "eatertainment" category with a curated mix of scratch food, innovative craft beverages and social gaming in a design-forward environment. Based in Denver, with fifteen high volume restaurants operating in eleven different states, Punch Bowl Social is an established brand that appeals to a spectrum of guests.
For more information about Punch Bowl Social, please visit https://punchbowlsocial.com/ or follow @punchbowlsocial on Facebook, Instagram and Twitter.
Media Contact
Kimberly White, Punch Bowl Social, (619) 289-7943, [email protected]
SOURCE Punch Bowl Social
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