US-based multi-brand restaurant company BBQ Holdings has agreed to acquire Tahoe Joe’s, a five-unit California-based steakhouse chain, for an undisclosed amount.
For more than two decades, Tahoe Joe’s has been offering Lake Tahoe steaks, burgers, pork chops and railroad camp shrimp to its customers.
The deal also features the IP of buffet brands, which includes Home Town Buffet, Ryans, Furr’s Fresh Buffet and Old Country Buffet.
BBQ Holdings stated that it does not have any immediate plans to reopen these buffet brands.
The deal will close on 8 October and marks BBQ Holdings second acquisition this year.
BBQ Holdings CEO Jeff Crivello noted that the Tahoe Joe’s acquisition will complement its existing brands.
The company’s current restaurant portfolio includes brands such as Famous Dave’s, Granite City Food and Brewery, and, most recently, Village Inn and Bakers Square.
Crivello said: “This well-loved brand will fold seamlessly into our portfolio, and we can’t wait to start working with the fantastic people who have made Tahoe Joe’s what it is today, and to get the brand on a rejuvenated path to growth.
“BBQ Holdings is on a steep trajectory. We continue to execute our three pillars of growth. First, filling latent capacity in our current restaurants with ghost kitchens, virtual brands, and dual concepts. Second, organic new restaurant units, and third, accretive and strategic mergers and acquisitions.”
In a separate development, French autonomous restaurant chain Cala has raised $6.3m (€5.5m) of seed investment.
The funding round was led by BACKED VC and saw participation from other investors including Kima Ventures, Possible Ventures, Acequia Capital and Quiet Ventures, reported EU-startups.
Cala intends to use the proceeds to expand its fully autonomous restaurant chain in France, as well as further across Europe.
It has developed the world’s first completely robotic pasta restaurant, which includes the creation of a pasta-making robot that can autonomously cook meals.