Beebonds

Total amount raised

287%

1.436.000 €

Issue Date
28/01/2021

End date of subscriptions
02/12/2021

Annual interest rate
8%

Duration
4 Years

Minimum investment
1.000 €

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pitaya

Total amount raised1.436.000 €

287%

Issue Date

28/01/2021

End date of subscriptions

02/12/2021

Annual interest rate

Duration

4 Years

Coupure

1.000 €

Follow the evolution

PITAYA

About Synthesis Pictures My investment

Participate in the expansion plan of Pitaya, the successful chain of restaurants specialising in Thai Street Food.

Project leader: ALPHA THAÏ BENELUX SA

Beginning of the activity: 2019

Activity: Food

The Pitaya brand was created in France in 2010 and enjoyed immediate success. Its Fast Casual Restaurant (FCR) concept is perfectly in line with current food trends. Easy and convenient, it stands out from fast food by offering tasty, healthy, fresh and affordable Thai cuisine in a welcoming setting with a contemporary and comfortable design. The Thai Street Food menu takes you on a journey: stir-fry wok made in a few minutes in front of the customer's eyes, made with quality ingredients for healthy nutrition, an abundant plate, at very affordable prices. The undeniable success of this approach is explained by the evolution of our lifestyles. We are looking for food that is practical, fast, accessible at all times but without compromising on food quality. Between 2016 and 2020 Pitaya opened 70 restaurants in France and is now the market leader. The Belgian company Alphaseed S.A./NV, an investment platform located in Brussels, specialising in the growth of catering concepts, through its subsidiary Alpha Thai Benelux S.A./NV, did not miss the opportunity to reel in the first Master Franchise for the Benelux. The United Kingdom, Spain and Switzerland will soon follow. The Alphaseed team is composed of experienced entrepreneurs. Within Alpha Thaï Benelux, they have surrounded themselves with young executives who are highly competent in project development and marketing. Both have relevant experience in the catering sector (Quick, Burger King, Pain quotidien, O'Tacos, Noordsee). After a necessary set-up period, Alpha Thai Benelux S.A./NV opened its first Pitaya restaurant in Brussels on 9 September 2020, in the midst of the COVID crisis. This Asian cuisine, both traditional and creative, inspired by the street food of Bangkok, enjoyed immediate success. In the meantime, a second restaurant has opened in Liège. The objective within 7 years is to open 30 restaurants in Belgium, 35 in the Netherlands and 5 in Luxembourg. Future openings are planned in Antwerp and Ghent.
Promotional communication - Subscribing to a Fundraising Campaign involves a certain amount of risk for the investor in terms of the repayment of capital and the payment of interest due. Before investing, please read the information note. For individuals who are Belgian tax residents, the interest received is subject to a 30% tax withholding.

Synthesis
Benefits of the project

+ Pitaya, a highly profitable concept as proven in France (69 restaurants) The concept has been in existence for 10 years and the success is unprecedented. It responds perfectly to changing food trends. The customer is looking for a flexible, fast, fun and affordable service but demands freshness and quality. The Pitaya concept is at the crossroads of growth segments such as quick service, casual dining, healthy Asian cuisine, delivery and click &collect.

+ An experienced management team Without a doubt, the team behind the Alphaseed group has extensive experience in finance, IT, HR as well as in-depth knowledge of the food industry and the distribution sector. It was created four years ago by 4 partners: CEO Marco Tessaro, ex -CFO of Kharsis (the fund that took over the Belgian Quick restaurants and launched Burger King in our country), Nicolas Bruylants, Rodolphe Haegelsteen (active in private equity) and the JP Seven fund, owned by Jacques Emssens (Sofina) and Patrick Kuborn.

+ Alpha Thai Benelux obtains the first Pitaya Master Franchise Alpha Thaï Benelux holds the exclusive right to develop the Pitaya brand in the Benelux and has chosen to develop 3 different business models: The maintenance of Pitaya restaurants, traditional franchises and finally the Joint Venture model designed to support the opening of restaurants by carefully picked qualified, motivated and established entrepreneurs. They will get sustained assistance from Alpha Thai, which will initially own 80% of the project. Within 4 or 5 years the entrepreneur will buy back 100% of the business. This model has many advantages: the entrepreneur learns how to manage his business and Alpha Thai provides the capital, knowledge and functional support. This allows the entrepreneur to accelerate the profitability of his business and Alpha Thai to recover its investment in a relatively short period of time (4/5 years).

+ Strong resilience of the Pitaya model to COVID-19 The impact of COVID-19 has been limited for Pitaya restaurants in France. In May sales were maintained at 70% compared to May 2019, despite the absence of on-site dining, whereas the average for the sector was 20%! The average turnover was 95% of that of June and July 2019, although the lockdown measures only were loosened as from 11 June. The strong increase in deliveries and take-away meals as a % of sales in June and July suggests a change in customers' consumption habits due to Covid.

+ The Pitaya concept meets the expectations of the digitalisation of the catering market. Pitaya has integrated digitalisation into its business model from the start, knowing that cutting-edge technology will be at the heart of its relationship with its customers and will make daily interactions simpler and smoother. Pitaya's digital DNA is perfectly adapted to the behaviour of today's customers. The client can choose freely: on-site dining, delivery or pickup. As a new player, Pitaya wants to differentiate itself and start with the right post-COVID positioning (digital, hygiene).

+ Expected return The turnover per store is estimated at between 1 and 1.6 million euros annually with 10 to 12 FTEs to open 7 days a week. The BeeBonds fund raising will only be used to finance the 2021 expansion plan in addition to the partners' own funds. The business plan foresees that it will take two years to obtain sufficient cashflow in order to finance new openings.

+ Tax exemption The interest on the Bond Loan may be tax-exempt. This exemption applies to the interest relating to the first instalment of EUR 15,860 (amount valid for the taxable period 2020) lent within a period of four years. This limitation applies per taxable period and per taxpayer. The exemption concerns both personal income tax and withholding tax.

Questions

+ Who are Marco Tessaro, Nicolas Bruylants, Patrick Kuborn, Rodolphe Haegeslteen Marco Tessaro holds a degree in commercial engineering from Solvay Business School and has more than 25 years of experience in finance, IT, management, team leadership and communication. He has an in-depth knowledge of the food industry and franchise business models (Quick, Burger King). He manages the Alphaseed platform. Nicolas Bruylants has more than 15 years of practical experience in consulting and project management, notably within large global organisations. He is co-founder of an expanding retail network in the Middle East region. Now that he is back in Belgium, he provides the Alphaseed team with his extensive entrepreneurial experience in e-commerce, IT and digital strategy platforms. Patrick Kuborn graduated in Special Mathematics and in Marketing and International Trade from EPHEC and is a founding member of JPSeven, a private investment company founded in 2007. His professional career started in the financial sector and then in several industries, including textiles. The common thread has always been to lead the investment process, from sourcing to management and then exit. He brings his extensive experience in structuring and governance of transactions to the Alphaseed team. Rodolphe Haegelsteen, a law graduate from KU Leuven, started his career in the banking sector in Belgium and Spain. He then joined Private Equity in London, where he worked on the acquisition, development and sale of companies in the Benelux. After ten years in Finance, he decided to step into real estate and successfully completed various residential projects in Belgium and Portugal. At the same time, he has been developing a portfolio of start-ups and private equity investments for 15 years, thanks to which he has acquired extensive experience in different business areas. He provides Alphaseed with his 20 years of experience in the fields of finance, real estate, legal, tax and corporate governance.

+ Why this fund-raising? The fund raising is organised by Alpha Thaï Benelux S.A./NV, a company of the Belgian group Alphaseed S.A./NV, which obtained the first Pitaya Master Franchise. The group's ambition is to open 70 restaurants within 7 years, including 30 in Belgium. In the spirit of the founders of Alphaseed, the call for crowdfunding is in line with their values of modernity, adaptation and evolution of the business world. The amount of 1.3M will only be used to finance the 2021 expansion plan in addition to the directors' own funds. They hope that sufficient return will be reached within two years and the cash flow generated by then will be sufficient to finance the new openings.

+ Why is this project credible? The Pitaya concept has proved its worth in France by becoming the leader in the franchise market in 2020. It is undoubtedly profitable. The Fast Casual Restaurant sector is in line with changing consumer habits. The exclusivity granted to the experienced partners of Alphaseed S.A./NV will allow the Belgian group to develop at lower risk and without direct competition in Belgium, the Netherlands and Luxembourg. Without a doubt an innovative, resilient and job-creating project.

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