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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.

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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.

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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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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