$154,000 invested

210

Investors

Funded

Status

Revenue Sharing Notes ?

Multiple 1.50x
Maturity 48 months
Minimum Target $125,000 ?
View Key Terms

Louie King

Dallas, TX

  • Urban BBQ experience fuses Texas tradition with contemporary design and innovative food and beverage offerings
  • From the heralded masters of smoked meat behind Lower Greenville hotspot Feed Company (rated over 4 stars on Yelp, Google, Facebook, Tripadvisor, OpenTable)
  • Versatile business model combines counter-service lunch, whole-animal roast dinners and robust to-go business
  • This investment is secured by a blanket lien on all assets of the business ?

Recent Updates

June 5th - Construction has kicked off and our TABC application was submitted on Friday, June 1! The license generally takes 40 days or so for review and we expect initial phase of construction to be complete in 3 weeks. After that, we will finalize our phase 2 construction scope and aim to complete it in 2 to 3 weeks.

Check out the Updates tab to learn more.

Investment Details

$154,000 invested

210

Investors

Funded

Status

Revenue Sharing Notes ?

Multiple 1.50x
Maturity 48 months
Minimum Target $125,000 ?
View Key Terms

Company Description

Louie King is introducing a modern barbecue joint right in the middle of one of Dallas’s hottest neighborhoods. The team behind heralded Feed Company eatery & bourbon lounge has created a following with its smoked meat program. With Louie King, they’re taking it to the next level by bringing one of Texas’s most beloved culinary traditions to a contemporary urban setting.

Managing Partner Patrick Bruce has established a following with his smoked meat program at Feed Company. His passion for barbecue stems from his East Texas roots.

The barbecue pedigree here is strong. Smoked meats will be cooked for hours on end with bespoke dry rubs and sauces developed by managing partner Patrick Bruce. As a child in Texarkana, Patrick spent formative years of his youth learning his family’s BBQ traditions and smoking hundreds of briskets with his father. Patrick later worked for nearly a decade in beverage sales and marketing for Ben E. Keith, piloting hundreds of innovative consumer and trade facing food and beverage experiences. Capitalizing on his childhood passion for the kitchen, he worked with top chefs in the DFW region to develop comprehensive craft beer and food pairing programs.

A dedicated student of food and spirits, Patrick rolled those experiences into his entrepreneurial passion, collaborating with friend and Goldman Sachs alumnus Sameer Patel to open Feed Company and the recently launched Leela’s wine bar down the street. Now, with Louie King, Patrick is realizing a life-long dream.

Through Feed Company, the team has established a strong reputation with its locally sourced ingredients, elevated menu and unique blend of flavor profiles. Aside from its carefully curated bourbon list, the smoked meats have been a particular hit, and the team has developed close relationships with local purveyors of top shelf meats. Those vendor relationships will play an important role in the strength of Louie King’s menu and the group’s access to both staple and specialty items across the board.

Feed Company’s popular items include pastrami and lamb chops smoked over Applewood

Louie King is also proud to boast a 13-foot handcrafted, custom-built BBQ pit from legendary New York Times-featured pit-maker A.N. Bewley. The restaurant’s open-concept kitchen space will allow patrons a peek into the famous barbecue process.

The menu will include staples like brisket, beef ribs, beer can chicken, turkey and prime rib, along with rotating exotic meat and seafood specials and classic sides. All meat will be sourced from Texas, and Louie King will be one of only a handful of restaurants in the state to serve overnight smoked beef ribs the next day.

There will also be the dining option of a “whole roast” at dinner service—a succulent whole roasted lamb, pig, etc.—that can be arranged with the staff in advance. A small beer and wine selection will round out the menu, along with boozy slushes.

Louie King will offer lunch via counter service seven days a week, as well as pre-booked dinners in an ambience that marries rustic Texas charm with Dallas’s urban sensibilities.

The restaurant is slated to open in late Summer 2018.

Key Terms

Issuer
City Griddle, LLC
Securities
Revenue Sharing Notes
Offering Amount
Minimum $125,000 to maximum $275,000
Investment Multiple ?

1.50x to 1.60x

If the final offering amount raised is less than or equal to $200,000, the investment multiple will be 1.50x.

If the final offering amount raised is greater than $200,000 but less than or equal to $275,000, the investment multiple will be 1.60x.

Payments ?
Monthly
Revenue Sharing Percentage

Revenue streams will come from food and beverage sales, catering and merchandise.

If the final offering amount raised is less than or equal to $200,000, then 5.5% of monthly gross revenue will be shared during the first 12 months of operation, then 7.0% thereafter.

If the final offering amount raised is greater than $200,000 but less than or equal to $275,000, then 7.75% of monthly gross revenue will be shared during the first 12 months of operation, then 10.0% thereafter.

Maturity ?
48 Months
Security Interest ?
Blanket lien on all assets of the business
Ownership % Represented by Securities
0%. Investors will not receive any equity interests in the Issuer or any voting or management rights with respect to the Issuer as a result of an investment in Securities.

Click here to view the Issuer's SEC Form C filing.

Use of Proceeds

The total project cost of Louie King is $350,000, with $75,000 coming from equity investors. As Louie King will occupy a second-generation restaurant space, the total project cost is significantly lower than the complete build out of a new space.

The first $125,000 of funds raised on NextSeed will be used for construction and buildout. Any funds between $125,000 and $225,000 will be used for inventory, permits, and kitchen and bar equipment. Funds raised in excess of $225,000 will be utilized for other furniture, fixtures and expenses and working capital.

The before and after of what Louie King will look like

Total Payment Calculator

Principal Investment Multiple Maturity* Total Payment*
1.50x - 1.60x 48 months $150 - $160

* The calculations above are mathematical illustration only and may not reflect actual performance. They do not take into account NextSeed fees of 1% on each payment made to investors. The exact length of time that it will take the Issuer to pay each investor in full cannot be known in advance since the Issuer's actual revenues may differ from its reasonable forecasts. If any balance remains outstanding on the maturity date, the Issuer is contractually required to promptly pay the entire outstanding balance due to each investor. Payment is not guaranteed or insured and investors may lose some or all of the principal invested if the Issuer cannot make its payments.

Revenue Sharing Summary*

Once the Issuer commences operations, the Issuer will share a percentage of each month’s gross revenue with the investors as a group until they are paid in full. The total amount raised by the offering will determine the Investment Multiple and the monthly Revenue Sharing Percentage.

Total Raise Amount: $125,000 - $200,000
  • Investment Multiple: 1.50x
  • Monthly Revenue Sharing Percentage (first year): 5.5%
  • Monthly Revenue Sharing Percentage (years 2-4): 7.0%

Total Raise Amount: $200,100 - $275,000
  • Investment Multiple: 1.60x
  • Monthly Revenue Sharing Percentage (first year): 7.75%
  • Monthly Revenue Sharing Percentage (years 2-4): 10.0%

Each investor will receive its proportionate share of the monthly payments made to the investors as a group.

Scenario 1:

Total Raise Amount: $150,000
You Invest: $1,500

Based on the Total Raise Amount, the Issuer will share 5.5% of its revenues for the first 12 months of operations and then 7.0% of revenues thereafter, until the 1.50x Investment Multiple is reached.

Let’s assume that the Issuer generated $100,000 in revenues in month 9. The issuer will make a $5,500 payment ($100,000 x 5.5% = $5,500) to investors. Since you invested with 1% of the total amount raised ($1,500 / $150,000 = 1.0%), you would receive a $55 payment.

Scenario 2:

Total Raise Amount: $250,000
You Invest: $2,500

Based on the Total Raise Amount, the Issuer will share 7.75% of its revenues for the first 12 months of operations and then 10.0% of revenues thereafter, until the 1.60x Investment Multiple is reached.

Let’s assume that the Issuer generated $100,000 in month 24. The issuer will make a $10,000 payment ($100,000 x 10.0% = $10,000) to investors. Since you invested with 1.0% of the total amount raised ($2,500 / $250,000 = 1.0%), you would receive a $100 payment.

Bonus Rewards

EARLY BIRD REWARD

First 50 investors who invest $500 or more will receive:
  • An additional $25 Gift Card to Louie King

Invest $500 or more

  • One free beer on your first visit

Invest $1,000 or more

  • One free beer on your first visit
  • Invitation for 2 to Investor Launch Party

Invest $5,000 or more

  • One free beer on your first visit
  • Invitation for 4 to Investor Launch Party

Invest $10,000 or more

  • One free beer on your first visit
  • Invitation for 10 to Investor Launch Party
  • A complimentary jar of Louie King's dry rub

Invest $25,000 or more

  • One free beer on your first visit
  • Invitation for 10 to Investor Launch Party
  • A complimentary jar of Louie King's dry rub
  • Family Style Whole Animal Roast for 8

Business Model

Louie King’s order at the counter lunch service will highlight signature, overnight smoked items like brisket and ribs that are likely to sell-out in the early afternoon. Dedicated to the pursuit of game-changing smoked meats, the culinary team plans to push the boundaries of traditional barbeque fare by combining Texas BBQ traditions with unexpected proteins like seafood, exotic meats and more.

The prime wagyu briskets from Akaushi Beef will go into the pit between midnight and 2am in preparation for lunch and dinner service that day. Louie King will also be one of the only barbecue joints in the state that cooks their prime beef ribs for same day service – no wraps, no storage. Alongside 64 briskets, an additional 82 ropes of sausage and a handful of pork butts (for pulled pork sandwiches) will be cooked with lamb pops, beef ribs and various seasonal options. Guests looking for a truly unique dinner experience will be able to book whole-animal roasts in advance. For groups of 4+, Louie King will prepare a mouth-watering meat selection and curated accompaniments. On weekends, diners can expect brunch-friendly takes on some of the classic barbecue offerings.

Louie King is uniquely positioned as one of the few lunchtime offerings in Lower Greenville. Its counter service format allow professionals and visitors alike to grab a quick, comforting bite while also exploring the area. Once only a popular nighttime destination, these lunchtime hours signal Lower Greenville’s rising status as a dynamic daytime neighborhood.

Feed Company, located down the street from Louie King and run by the same operators

Revenue will lastly come from a retail component that features their locally crafted BBQ products. In addition to apparel, customers can purchase the dry rubs and sauces unique to Louie King’s recipes.

Louie King will target Dallas’ urban professionals in the 25-55 year-old demographic, many of whom already flock to Lower Greenville’s burgeoning food and beverage scene. The counter service perfectly suits their on-the-go daily lives while nighttime roasts will appeal to those looking to arrange larger gatherings. Further, this is already a demographic familiar with sister restaurants Leela’s and Feed Company.

Location Analysis

At 1916 Greenville, Louie King sits along one of Dallas’s most walkable streets. In recent years, the area has seen rise to some of the most talked-about shops and restaurants in the city. Local government has poured infrastructure dollars into transforming the street and sidewalks to facilitate additional pedestrian activity.

Much has been written and reported about the culture and crowds congregating in Lower Greenville. Yet, for all its Texas Charm, Lower Greenville has little in the way of great barbecue offerings. Louie King is proud to provide not only the area’s first barbecue destination, but one committed to the outstanding quality and patience that makes traditional Texas barbecue so renowned.

Authentic Texas BBQ, long a staple of small towns throughout central Texas, has seen a resurgence in the state’s largest cities over the course of the past decade. Texas Monthly’s annual BBQ issue has become one of the publication’s most popular, spawning festivals, tours and even a passport program for those making smoked-meat pilgrimages around the state. Louie King will cater to not only Dallas residents, but the millions of tourists who visit Texas’s second largest city each year and are adamant on experiencing one of the region’s delicacies.

Louie King (red awning) will take over the space formerly known as Daddy Jack’s, a chowder house, right next door to Leela’s & abv.

Parking, that famous Lower Greenville hassle, will be available in two sizable lots - one directly in front of the building and the other behind the restaurant. Ride-sharing apps have certainly upped the ease of visiting the neighborhood, but daytime diners especially will appreciate the ability to park without any inconvenience.

Leadership

Patrick Bruce, Managing Partner

Patrick is responsible for concept creation, maintenance of the food and beverage menu and day-to-day oversight of locations. He spent 11 years at Ben E. Keith as an Area Sales Manager before transferring to restaurant Food and Beverage direction. He opened restaurant concepts and stores with a local restaurant group before founding his own restaurant group with Sameer.

Sameer Patel, Managing Partner

Sameer is responsible for concept creation, budgeting and finance, legal and hiring of management. After graduating from Northeastern University, Sameer spent six years in the financial services industry at Bank of America Merrill Lynch, IBM and Goldman Sachs. Since 2016, Sameer has been focused on Feed Company and Leela’s, growing the restaurant group he started with Patrick.

History

June 2017
Sameer Patel and Patrick Bruce open Feed Company eater & bourbon lounge in Lower Greenville
January 2018
Sameer and Patrick begin formulating Louie King
February 2018
Louie King decides on their A.N. Bewley pit and makes the down payment to kick off construction
March 2018
Sameer Patel and Patrick Bruce open Leela’s in Lower Greenville
March 2018
Initial CO inspection for Louie King in old Daddy Jack's space
May 2018
Anticipated kickoff for construction and liqour license application
August 2018
Anticipated opening of Louie King

The business's Anticipated Opening Date is its best estimate, and the timetable can vary significantly due to unforeseen circumstances.

September 4, 2018

Waiting on the 13' Smoker!

Louie King bbq’s finish out is continuing to move forward, with the 13′ smoker expected to be delivered early next week. Once delivered, we will rapidly move to finish surrounding construction. We are working to get our plumbing inspection finalized, leaving only our health inspection in order to get our Certificate of Occupancy. There have been some delays with contractors and the smoker, but nothing we weren’t prepared for. We have also received our beer & wine permit from TABC.

We also want to comment on the design of Louie King. The community has consistently brought up the nostalgia they feel when entering the space and many people stressed to us their desire to see some of the old space remain intact. We identified with these sentiments and created a design that we believe not only represents the site’s history but also brings a new dynamic to the space and Lowest Greenville as a neighborhood.

In regards to Louie King’s Investor Launch Party, we will be holding this in conjunction with Leela & abv’s Launch Party. We plan on including some specials at Feed Company as well to turn this into a block party!

We look forward to welcoming everyone in soon and firing up the smoker!

August 3, 2018

We received our TABC license!

After a few unexpected challenges, we have received our plumbing approval and are now working towards our final health review so we can receive our Certificate of Occupancy. Bewley has kicked off manufacturing of the smoker and expects completion in just a few weeks, at which point we will bring the smoker in and retrofit the existing kitchen infrastructure to meet the needs of the smoker.

We have also received approval for our TABC license and ordered our neon Louie King sign! We will post some pictures of the progress soon and look forward to keeping you updated as we expect a Fall 2018 opening!

As for bonus rewards, we will be fulfilling the early bird gift cards prior to our opening. For the remaining rewards, please anticipate an email after we open with further details.

July 10, 2018

Thank You

Thank you for making the Louie King campaign a success! We appreciate your desire to join us as we look to bring our unique bbq concept to Lowest Greenville.

We are still in the renovation phase: We are currently working through some requests from the plumbing inspector and preparing ourselves for the next phase of our renovation. Although we came across some unexpected requests from a plumbing perspective, we are still driving towards an August open!

We look forward to meeting you all when our doors open and will be in touch with additional updates in the coming weeks!

June 5, 2018

Construction has Kicked Off!

Construction has kicked off and our TABC application was submitted on Friday, June 1! The license generally takes 40 days or so for review and we expect initial phase of construction to be complete in 3 weeks. After that, we will finalize our phase 2 construction scope and aim to complete it in 2 to 3 weeks.

May 7, 2018

New Louie King Video!

Check out our latest video on Louie King! We wanted to share our passion for hospitality and how our newest concept takes traditional Texas BBQ and puts our own spin on it.

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