US-based private investment company Uncommon Equity has acquired HopCat, a casual dining group in Michigan.
The deal covers 13 restaurants: 12 sites across Michigan, including the Grand Rapids outlet known as Stella’s Lounge, and one location in Lincoln, Nebraska.
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Financial details of the deal have not been revealed.
HopCat, established in 2008, is a subsidiary of Project BarFly.
The group offers a locally varied selection of craft beers alongside house cocktails and a food menu.
Dan Kipp, co-founder and CEO of Uncommon Equity, will join HopCat’s board of directors.
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By GlobalDataKipp stated: “We are excited to be acquiring HopCat at this pivotal point in time and to partner with chairman Ned Lidvall, CEO Craig Stage, chief financial officer Andrew Woodruff and their leadership team to carefully grow the HopCat brand while continuing their maniacal focus on great, value-priced food served in a friendly, neighbourhood atmosphere.”
Ned Lidvall will continue serving as executive chairman.
Uncommon Equity operating partners Gary Graves and Rob Selati will also take board seats. Selati is participating as a strategic investor via his Saxonwold Capital vehicle.
Project BarFly CEO Craig Stage stated: “We see this transition not as a change of direction, but as a continuation of what HopCat does best – bringing people together.
“We’re excited to partner with Uncommon Equity and their experienced Operating Partners to invest in the team, new locations and innovation while preserving the local and Midwest hospitality that has always defined the brand.”
OakNorth Bank provided senior debt financing for the acquisition, while Much Shelist was legal counsel to Uncommon Equity.
Mastodon Ventures was HopCat’s financial adviser, with Hallet & Perrin as sell-side legal counsel.
