Private Equity Continues to Fuel Franchise Growth


Chicago-Based Franchise Law Firm Served as Lead Counsel for NRD Capital

CHICAGO – September 8, 2015 – Cheng Cohen, the franchise industry’s premier, full service boutique law firm, announced today it served as lead counsel for NRD Capital Management’s (“NRD”) recently announced purchase of publicly traded Frisch’s Restaurants. The purchase marks the firm’s first acquisition through its investment fund NRD Capital Partners I, L.P.

NRD’s Founder and Managing Partner Aziz Hashim and his team intend to focus Frisch’s future growth through franchise development with multi-unit operators.  The $175 million transaction of the 121-unit Cincinnati-based brand is the latest example of Cheng Cohen’s involvement with private equity firms interested in mergers and acquisitions of franchise companies.

“Cheng Cohen was honored to work with the International Franchise Association’s incoming chairman on this milestone acquisition,” said Amy Cheng, partner of Cheng Cohen, LLC.  “This was a very important acquisition for Aziz and his team, and it’s been very rewarding for Cheng Cohen to apply our experience by serving as lead counsel for NRD.

The closing of the acquisition coincides with Cheng Cohen’s diamond sponsorship of Franchise Capital Exchange, which was held in Chicago August 24-26, 2015. Cheng Cohen Partners Amy Cheng and Michael R. Daigle spoke at the Exchange regarding private equity ownership in franchising. In its fourth year, the Franchise Capital Exchange was created to provide a platform for franchisors to present their strategic growth plans to investors interested in providing capital for growth and development

“We were very pleased with Cheng Cohen’s support for our recent acquisition,” said Aziz Hashim, founder and managing partner of NRD Capital. “We look forward to continuing to work with them as we pursue additional mergers and acquisitions in the franchise space.”

About Cheng Cohen, LLC:

Established in 2007, Cheng Cohen grew out of a simple credo: to provide uncompromising client service and sound, practical legal advice to franchise and distribution clients for a fair and reasonable fee.

Today, the boutique law practice is recognized as one of the leading franchise firms in the country providing franchisors, licensors and manufacturers with the comprehensive legal services, litigation support and development assistance needed to bring their products and services to market efficiently and economically. In addition to its consistent first tier ranking for franchising by U.S. News – Best Lawyers listing of Best Law Firms, Cheng Cohen has also been recognized by Chambers & Partners USA as a leader in franchising for both client service and commercial awareness. Additional information about Cheng Cohen can be found at

About NRD Capital Management 

NRD occupies a unique niche in franchise equity investments. Founded in 2014 and based in Atlanta, NRD is focused on supporting the growth of small to medium sized franchisors. The fund’s goal is to position high quality brands for accelerated success. NRD is the first fund to be both managed and sponsored by a multi-unit franchisee. Collectively, the team has more than 75 years of franchise experience and has been involved in top global brands such as Popeyes, Burger King, Snap Fitness and Domino’s as well as regional brands such as Moe’s Southwest Grill, Pet Valu, and Super Wash. If you know of a brand that might benefit from NRD’s capital and resources please contact us at