Painswick participates in QDOBA continuation fund

Butterfly announced the closing of a $527 million continuation fund for QDOBA on August 5, 2025. Apollo S3 led the oversubscribed transaction, with Painswick among the additional investors. The fund extended Butterfly's sponsorship and offered liquidity to existing investors while supporting the restaurant business's next phase of growth. Painswick's individual commitment was not disclosed. The fund total is therefore distinct from the amount invested by Painswick. Butterfly originally acquired QDOBA in 2022 and subsequently pursued a franchise-first operating model, management changes and new restaurant development. The announcement described a continuing partnership with company management, rather than a complete exit by Butterfly.