Aegis Brands has completed the acquisition of Canada-based St Louis Bar and Grill for $50m.
Through its wholly owned subsidiary SLF Operations Limited Partnership, Aegis substantially acquired all of the assets and intellectual property of the St Louis Bar & Grill brand and trademark.
The deal was announced in September.
Based in Toronto, the franchised casual dining bar & grill company operated 72 locations across four Canadian provinces.
It serves signature wings, ribs, and garlic dill sauce in a casual sports bar & grill setting.
Aegis Brands CEO and president Steven Pelton said: “We couldn’t be happier to welcome the St. Louis brand, their people and franchisees into the Aegis family. St Louis has big plans for growth and the people to make it happen. I am looking very forward to leading this management team that has been responsible for the success of St Louis to date.
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“Our job at Aegis is to support the team as they execute their growth plans, which includes launching the fast-casual version of St Louis called ‘Good to Go by St Louis’ and a foray into the grocery channel with its famous wings and sauces. Aegis will provide resources, expertise and guidance to broaden the St Louis brand experience across Canada.”
Aegis raised $58.4m through a combination of debt and equity, including $30m from its existing senior facility with CWB Franchise Finance to fund the acquisition and future growth.
It raised the balance amount through private placement offering of subscription receipts for common shares and subscription receipts for convertible debentures for gross total proceeds of $28.4m.
With the completion of the deal, Aegis owns and operates Bridgehead Coffee, in addition to St Louis Bar and Grill.
In April 2021, Aegis Brands completed the divestment of all the assets of speciality coffee brand Second Cup Coffee to Canada-based multiple restaurant concept franchisor Foodtastic.