BurgerFi to acquire casual-dining concept Anthony’s in US
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BurgerFi to acquire casual-dining concept Anthony’s in US

12 Oct 2021 (Last Updated October 12th, 2021 12:18)

Upon completion of the transaction, BurgerFi will have a total of 177 restaurant locations in the US.

BurgerFi to acquire casual-dining concept Anthony’s in US
BurgerFi is a fast-casual restaurant chain in the US. Credit: Phillip Pessar / Flickr.

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.

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.