BurgerFi International Inc. (Nasdaq: BFI, BFIIW), the owner of a fast-casual concepts through the BurgerFi brand, has entered into a definitive agreement to acquire Anthony’s Coal Fired Pizza & Wings from L Catterton for approximately $161.3 million, comprised of $33.6 million in common stock, $53.0 million in new junior non-convertible preferred equity and the assumption of existing debt, all subject to closing adjustments.
Ian Baines, chief executive officer of Anthony’s, said “Anthony’s Coal Fired Pizza & Wings will be a fantastic addition to the BurgerFi family. It is a well-positioned, differentiated pizza and wing concept with industry-leading average unit volumes and strong profitability. BurgerFi is a very dynamic growth brand and I am honored to work with their great team as we continue to pursue and expand on our growth strategy together.”
“Both Anthony’s Coal Fired Pizza & Wings and BurgerFi bring high-quality ingredients, impressive customer loyalty and affinity, and strong management teams to the table,” said Andrew Taub, managing partner at L Catterton, who will be joining the board of directors of BurgerFi following the completion of the transaction. “We are delighted to continue our support of Anthony’s as they join one of the country’s most innovative players in the restaurant space. Together, these brands will establish the beginning of a restaurant platform well-positioned for growth and success.”
BTIG LLC served as financial advisor and Holland & Knight LLP acted as legal counsel to BurgerFi. Arlington Capital Advisors served as a sellside advisor and Proskauer Rose LLP acted as legal counsel to L Catterton.