ModMarket, LLC and King Street Capital Management, L.P. entered into a definitive agreement to acquire Qdoba Restaurant Corporation from Apollo Global Management, Inc..

ModMarket, LLC and King Street Capital Management, L.P. entered into a definitive agreement to acquire Qdoba Restaurant Corporation from Apollo Global Management, Inc. (NYSE:APO) on August 9, 2022. Keith Guilbault, current QDOBA Chief Executive Officer, will continue to lead QDOBA as Co-Chief Executive Officer of ModMarket. Rob McColgan, current ModMarket Chief Executive Officer, will continue to lead the Modern Market and Lemonade brands as Co- Chief Executive Officer of ModMarket.

Qdoba team will join ModMarket team as a result of the transaction. The transaction is expected to close in Q3 2022. Butterfly, the parent company of ModMarket, LLC, was advised by Ravi Agarwal,Sean D. Rodgers,Christopher Burwel,Ben Steadman,Melissa J. Hutson,Benjamin M. Schreiner of Kirkland & Ellis LLP on legal matters in connection with the transaction.

QDOBA and Apollo were advised by Deutsche Bank, Credit Suisse. Aaron Suh of Morgan, Lewis & Bockius LLP acted as legal advisor to Qdoba Restaurant Corporation.