US-based BurgerFi has signed a definitive agreement to acquire casual-dining concept Anthony’s Coal Fired Pizza & Wings from private equity firm L Catterton for a consideration of nearly $161.3m.

The consideration includes $33.6m in common stock, new junior non-convertible preferred equity of $53m and the assumption of existing debt.

BurgerFi executive chairman Ophir Sternberg said: “This is our first acquisition in building a premium multi-brand platform.

“We are well positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock value from strategic acquisitions.

“Our focus on premium fast-casual brands allows us to share expertise, capabilities and best practices across the board.”

Anthony’s operates casual dining pizza restaurants, which offer pizza, coal-fired chicken wings, homemade meatballs, and various handcrafted sandwiches and salads.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Upon completion of the deal, BurgerFi will have a total of 177 restaurant locations, comprised of 61 Anthony’s locations and 116 BurgerFi locations.

Anthony’s Coal Fired Pizza & Wings CEO Ian Baines said: “Anthony’s Coal Fired Pizza & Wings will be a fantastic addition to the BurgerFi family.”

Completion of the deal is subject to certain customary closing conditions and is expected to take place in this year’s fourth quarter.

For this transaction, BTIG and Holland & Knight acted as financial advisor and legal counsel, respectively, to BurgerFi.

Arlington Capital Advisors served as a sell-side advisor to L Catterton, and Proskauer Rose acted as the company’s legal counsel.

In January, BurgerFi announced plans to accelerate its expansion strategy in 2021 with a 30% surge in new restaurant openings across the country.