BurgerFi completes its $157M purchase of Anthony’s Coal Fired Pizza

Anthony's Coal Fired photograph : Shutterstock BurgerFi completed its learning of Anthony ’ s Coal Fired Pizza & Wings, the party announced Thursday, paying $ 156.6 million to L Catterton for the casual din chain. That ’ sulfur $ 4.7 million less than BurgerFi said it intended to pay for the 61-unt chain when it announced the deal last month.

“ We are very excite to formally welcome Anthony ’ second into the BurgerFi family, ” Ophir Sternberg, BurgerFi ’ s executive president, said in a statement. “ Anthony ’ sulfur is our first acquisition in our long-run inorganic increase strategy to build a premium multi-brand platform. It represents a fantastic complement to the BurgerFi stigmatize, and we are well-positioned to strategically grow Anthony ’ south as it fits in our focus on high-quality fast-casual dine restaurants. ” BurgerFi executives have previously said they intend to grow a small-footprint, fast-casual iteration of Anthony ’ randomness, rather than the casual dining brand. presently, there is equitable one of the 1,700-square-foot fast-casual units in operation, with two to three more planned for following year. With the skill, Ian Baines, Anthony ’ second CEO, becomes CEO of BurgerFi. Julio Ramirez remains CEO and president of the united states of the BurgerFi brand and Patrick Renna will become president of the united states of the Anthony ’ s brand. “ The skill of Anthony ’ s marks the beginning of a modern chapter or BurgerFi as we establish a restaurant platform well-positioned for growth and success, ” Baines said in a statement. “ We are committed to our growth scheme here at BurgerFi, and will continue to scan the marketplace for electric potential M & A opportunities that we can leverage and unlock value from. ” Anthony ’ second joins BurgerFi ’ s platform with $ 71.1 million in debt being assumed by its raw owner.

According to federal securities documents, Anthony ’ s reported tax income of $ 59.96 million for the six months ended June 30, adenine well as an operate loss of $ 4.68 million. In 2020, it had system sales of $ 107.1 million. Anthony ’ second reported a net loss of $ 45.6 million for the year ended Dec. 30, 2019. And for the 12 months ended January 4, it posted a internet loss of $ 20.6 million. As the pandemic began, Anthony ’ randomness failed to comply with its loanword requirements and received a forbearance. By the end of 2020, the chain had violated the terms of the patience. Anthony ’ s applied for and received a $ 10 million Paycheck Protection Program lend, which it returned some months late. In its filing, BurgerFi acknowledged the risks of acquiring the pizza-and-wing chain, noting that the learning will be costly and that the proposed creation of a “ premium multi-brand platform ” may not be successful.

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“ The combination of the BurgerFi and ACFP businesses may not lead to the emergence and success of the combined business that we believe will occur, ” the range said. The plan skill comes less than a year after Palm Beach, Fla.-based BurgerFi, a better hamburger chain, went public in a change by reversal fusion with special Purpose Acquisition Company Opes Acquisition. Members help make our journalism possible. Become a restaurant Business member today and unlock exclusive benefits, including inexhaustible access to all of our message. Sign up hera .