BurgerFi buying Anthony’s Coal Fired Pizza

Florida-based BurgerFi International Inc. has entered into a definitive agreement to acquire Anthony ‘s Coal Fired Pizza & Wings from L Catterton for approximately $ 161.3 million. At the close of the transaction, L Catterton, the largest global consumer-focused secret equity firm, will become one of BurgerFi ‘s largest shareholders. BurgerFi expects the transaction will be accretive to EPS to common shareholders and EBITDA in 2022, according to a company press release. With the acquisition of Anthony ‘s, BurgerFi will have 177 systemwide restaurant locations across the nation through its two agio fooling dining brands, with 61 Anthony ‘s locations and 116 BurgerFi locations. “ This is our beginning skill in building a bounty multi-brand platform, ” Ophir Sternberg, executive chair of BurgerFi, said in the release. “ We are well-positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock prize from strategic acquisitions. Our focus on agio fast-casual brands allows us to share expertness, capabilities and best practices across the board. ” BurgerFi was named Fast Casual ‘s top brand on the 2021 Top 100 Movers and Shakers number.

Anthony ‘s, founded in 2002 and headquartered in Fort Lauderdale, is a casual boom pizza concept centered around a 900-degree, coal-fired oven. It besides serves chicken wings, homemade meatballs and a variety of handcraft sandwiches and salads. “ Anthony ‘s Coal Fired Pizza & Wings will be a fantastic addition to the BurgerFi kin, ” Anthony ‘s CEO Ian Baines said in the secrete. “ It is a well-positioned, distinguish pizza and wing concept with industry-leading average unit volumes and hard profitableness. BurgerFi is a very active emergence trade name and I am honored to work with their great team as we continue to pursue and expand on our growth strategy together. ”

Sternberg will lead both the BurgerFi and Anthony ‘s brands in his continuing role of executive president of BurgerFi International, and Mike Rabinovitch will continue as BurgerFi CFO. Julio Ramirez will remain brand CEO and president of BurgerFi, while Baines will become the CEO of the combined company. and Patrick Renna will become president of Anthony ‘s. The acquisition is slated to close in the fourth quarter of 2021.

Anthony ‘s chiefly operates in suburban strip centers with an average square footage per unit of 3,200. With a pre-Covid average unit sales bulk of approximately $ 2.3 million and a restaurant-level function margin of 19 %, the restaurants generated sales per squarely animal foot of closely $ 700, which is top-tier in the industry. Anthony ‘s grew its gross at a compound annual growth pace of 12 % from 2011 to 2019, according to the release. In November 2020, Anthony ‘s launched “ The Roasted Wing, ” a virtual concept that features roasted chicken wings and garlic knots available through Anthony ‘s rescue partners. In 2021, Anthony ‘s launched its fast casual format, which operates in a smaller footprint to enable broader real estate opportunities and an tied more streamline operate model, according to the release .