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November 5, 2021

BurgerFi completes purchase of Anthony’s Coal Fired Pizza & Wings

The acquisition is aligned with BurgerFi’s growth strategy and transforms it into a multi-brand platform.

US-based restaurant chain BurgerFi has completed its previously announced acquisition of casual-dining concept Anthony’s Coal Fired Pizza & Wings.

At closing, the deal was valued at $156.6m.

BurgerFi executive chairman Ophir Sternberg said: “This acquisition marks a significant step forward in BurgerFi’s ongoing growth strategy and transition into a premium multi-brand platform.”

Last month, BurgerFi signed a definitive agreement to acquire Anthony’s from private equity firm L Catterton.

Founded in 2002, Anthony’s is a casual dining pizza and wing brand with 61 company-owned locations along the east coast of the US. The restaurant chain is known for serving pizza, coal-fired chicken wings, meatballs, handcrafted sandwiches and salads.

With the acquisition now complete, BurgerFi has 177 restaurant locations across its business, mostly found in the eastern US states.

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As earlier agreed, Anthony’s CEO Ian Baines will now serve as CEO at BurgerFi.

Sternberg added: “Anthony’s is our first acquisition in our long term inorganic growth strategy to build a premium multi-brand platform. It represents a fantastic complement to the BurgerFi brand, and we are well-positioned to strategically grow Anthony’s as it fits in our focus on high-quality fast-casual dining restaurants.

“L Catterton was an excellent partner in finalising this transaction, and we look forward to the strategic benefits of adding Andrew Taub, Managing Partner at L Catterton, to our board.”

Established in 2011, BurgerFi is a burger chain with locations in 22 US states and Puerto Rico.

It states that it uses 100% natural Angus beef for its burger products and serves other menu items that include vegetarian burgers, wagyu beef hot dogs, antibiotic and cage-free chicken offerings, fries, and cold custard desserts.

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