Built on long-standing partnerships and decades of management experience
Equicorp brings together affiliated operating businesses with advisory work across restaurant, franchise, and consumer companies. Its perspective is shaped by years of leading businesses, evaluating opportunities, and working with executives, boards, and investors on strategy, growth, and long-term business potential.
A long history of working together
Equicorp grew out of relationships formed at AFC Enterprises, the publicly traded restaurant and consumer company whose portfolio included Popeyes, Church’s, Cinnabon, Seattle’s Best Coffee, and Torrefazione Italia. After leaving their corporate roles, a number of former AFC executives and longtime colleagues continued working together, bringing years of shared management experience and established business relationships into new opportunities.
What began informally developed into a platform for investing in and operating businesses. Early efforts included Goldco, a multi unit Burger King franchisee, as well as participation in the investment in First Watch. At the same time, the group maintained its relationship with Freeman Spogli, which began during the AFC years and continued through subsequent investments, board service, and advisory work across restaurant and consumer companies.
Those relationships have continued to evolve over more than two decades. Today, Equicorp centers on affiliated operating businesses Irish Beef and Irish Plus, along with select advisory work. The businesses and opportunities have changed over time, but the approach has remained consistent. Experienced executives continue to work together, apply practical management judgment, and maintain relationships that extend well beyond any one company or investment.
What We Do
Operating Businesses
Equicorp provides a management platform for two affiliated multi-unit businesses, Irish Beef, an Arby’s franchisee in Southern Arizona, and Irish Plus, a Batteries Plus franchisee in the Atlanta market.
The businesses operate independently with their own leadership teams, while Equicorp provides management oversight, financial and strategic support, and access to the experience of its broader group.
Advisory Work
Equicorp provides management and strategic perspective to select restaurant and consumer businesses, most often through its longstanding relationship with Freeman Spogli. The work draws on years of experience managing businesses, working with leadership teams, and serving on company boards.
The focus is on understanding the business itself, including the brand, its position in the market, the management team, opportunities for growth, and the strategic decisions facing the company.
Companies & Experience
Current Operating Companies
Multi-unit Arby’s Franchisee
Southern Arizona
Multi-unit Batteries Plus Franchisee
Greater Atlanta Area
Current Advisory Experience
Selected restaurant and consumer businesses where Equicorp provides management and strategic perspective through its relationship with Freeman Spogli.
Leadership
Frank Belatti
Managing Partner
Frank Belatti is a longtime restaurant and consumer business executive with experience spanning operating leadership, public companies, private investment, and board service. He previously served as Chairman and CEO of AFC Enterprises, where he led the company through its public offering and oversaw a portfolio that included Popeyes, Church’s, Cinnabon, Seattle’s Best Coffee, and Torrefazione Italia.
Frank has maintained a longstanding relationship with Freeman Spogli dating back to its investment in AFC Enterprises. Today, he serves as an Industry Executive to the firm and sits on the boards of several Freeman Spogli portfolio companies, providing management, brand, and strategic perspective to leadership teams and investors.
At Equicorp, Frank remains actively involved with the firm’s affiliated operating businesses, Irish Beef and Irish Plus, as well as its advisory work across restaurant and consumer companies.
Alyson Watson
President, Irish Plus
Alyson Watson leads the day-to-day operations of Irish Plus, Equicorp’s affiliated Batteries Plus franchisee in the Greater Atlanta market. Her responsibilities include multi-unit operations, financial performance, commercial growth, team leadership, and the continued development of the business.
Advisory Partners
Dick Holbrook
Dick Holbrook is a veteran restaurant executive with extensive experience as both a franchisor and franchisee. He previously served as Chief Operating Officer of AFC Enterprises and has spent much of his career leading, advising, and investing in restaurant businesses. He has also held senior leadership and board roles across a range of restaurant companies.
Mike Belatti
Partner & President, Irish Beef
Mike Belatti focuses on operating leadership, strategy, and multi-unit business management across Equicorp and its affiliated businesses. He has spent much of his career working with restaurant, franchise, and consumer companies in operating and management roles.
Mike currently leads Irish Beef, Equicorp’s affiliated Arby’s franchisee in Southern Arizona, with responsibility spanning operations, financial performance, organizational leadership, development, franchisor relationships, and long-term planning. Earlier in his career, he held direct restaurant operating responsibility with First Watch and has worked across other entrepreneurial and operating businesses.
Mike also supports Equicorp’s advisory work by helping evaluate brands, management teams, market positioning, and strategic opportunities.
Allan Tanenbaum
Allan Tanenbaum is a corporate attorney and business advisor with extensive experience in business transactions, corporate governance, and board matters. He previously served as General Counsel of AFC Enterprises after more than 30 years in private practice and has served on boards and board committees of public and private companies.
Fred Beilstein
Fred Beilstein is an experienced finance executive with a long history of leadership across restaurant, franchise, and multi-unit businesses. He currently serves as Chief Financial Officer for Equicorp and its affiliated operating businesses, providing financial oversight, planning, and strategic support. Over the course of his career, Fred has held senior financial leadership roles across a range of restaurant and consumer businesses.