Spitz Mediterranean Street Food
Formerly known as Radwick
Bottom line
- Total investment $579K – $1.2M including a $35K franchise fee, 5.5% ongoing royalty.
- Average unit revenue of $1.9M/year (median $2.0M). Estimated payback in 3.0 years.
- Rated STRONG with a risk score of 30/100.
- Auditor disclosed a going-concern note — flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
Yale framework · single-unit ROIC
Returns Analysis
Pulls Item 7 (investment) and Item 19 (revenue) from this brand's FDD into the Yale unlevered-ROIC formula. Override any input to stress-test it against your own assumptions.
The model · Yale framework
What would one Spitz Mediterranean Street Food unit return on the cash you put in?
Unlevered ROIC · per unit
30%
Below typical band (30–60%)
Levered LBO scenario · Yale Crease Capital framing
What would 25 Spitz Mediterranean Street Food units return on equity?
Equity IRR · 5-yr
35.8%
4.62× MOIC
Year-1 DSCR
2.29×
EBITDA ÷ debt service
Equity required
$4.8M
on $14.0M purchase
Total debt
$9.2M
SBA $5.0M + senior + seller note
Overview
About
Franchisees operate fast-casual Mediterranean street food restaurants, managing food preparation, inventory, POS systems, and staffing. Day-to-day operations involve executing standardized menus (likely kebabs, wraps, salads), managing counter service, maintaining food safety standards, and driving local marketing to achieve the $1.87M average revenue benchmark.
Item 7 · what it costs
The Vitals
Item 19
Financial Performance
Item 20 · unit dynamics
The Growth Chart
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 7 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator — not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee phone area codes (Item 20). Approximate — ported numbers may show the original state, not the franchisee's current location.
Government records
SBA Loan Data
Aggregated from SBA 7(a) loan disclosures, public data unique to FranchiseVerdict.
No SBA loan data available for this brand.
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Spitz presents moderate risk with strong unit growth and profitability metrics, but small system size, high capital requirements, and lack of disclosed litigation history make financial projections difficult to validate independently.
Score breakdown · what drove the 30 / 100 rating
- 01MINORHigh initial investment ($579K–$1.15M) with modest franchise fee ($35K) creates substantial operator burden relative to franchisor commitment
- 02MINORRoyalty structure ($125/week minimum) means break-even requires ~$11,700 annual revenue; unclear how this scales with 36.4% YoY unit growth sustainability
- 03MEDOnly 20 units total—limited sample size for validating the $289K average net income claim; 36.4% growth could reverse quickly in emerging concept
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
Item 11
Training & Operations
Item 20
Franchisee Contacts
Phone numbers extracted directly from this brand's FDD Item 20. After purchase, you'll also receive a list of validation questions tailored to this brand.
Franchisee contacts
13 numbers
One-time purchase · CSV download · Validation questions included
FDD download
Spitz Mediterranean Street Food · FDD (2024) PDF