High Bluff Capital buys Taco Del Mar from Franchise Brands
High Bluff Capital Partners has acquired Mexican fast food chain Taco Del Mar from Franchise Brands. No financial terms were disclosed.
July 9, 2018–(PE Hub Network)
Expanding its investment platform in the mid-market restaurant franchise segment, High Bluff Capital Partners has acquired Taco Del Mar, the fast-casual chain featuring coastal Mexican cuisine, from Franchise Brands, LLC. Terms of the transaction were not disclosed. The deal comes on the heels of HBCP’s acquisition last month of QCE LLC, parent of Quiznos, the pioneer of premium toasted sandwiches.
“We see tremendous opportunity to continue to build out our platform in the mid-market restaurant franchise segment, which has many regionally strong concepts with significant growth potential,” said Gerry Lopez, Operating Partner at High Bluff Capital. “Our approach is grounded in identifying brands that enjoy strong relationships with consumers that can benefit from the type of targeted capital, scale, management expertise and focus on innovation we bring to bear.
“With a popular Baja lifestyle positioning and well-established heritage in the Pacific Northwest, Taco Del Mar has an excellent foundation to build upon as we look to leverage our platform to enhance support to the franchise base, develop and introduce fresh concepts that resonate with today’s consumers and broaden the brand’s appeal,” he added.
Headquartered in Lynwood, Washington, Taco Del Mar opened its first restaurant in Seattle in 1992 and now has more than 100 locations in the U.S. and Canada. The franchise-owned chain offers the authentic tastes of Baja, with a menu featuring traditional favorites as well as vegetarian and vegan options.
About High Bluff Capital Partners
High Bluff Capital Partners is a San Diego-based private investment firm specializing in consumer-facing companies and brands with the potential for transformation and significant growth. The firm’s team has extensive experience investing in, managing, leading and reinvigorating consumer businesses across the restaurant, entertainment, food, beverage and retail markets. More information can be found at www.highbluffcap.com
Quiznos Acquired by Investment Firm High Bluff Capital Partners
The struggling sandwich chain’s buyer is known for working with turnaround brands.
June 13, 2018—by –(RestaurantBusiness)
Quick-service sandwich chain Quiznos, which has shuttered thousands of stores in the last 10 years, has been acquired by a San Diego-based private investment firm known for working with turnaround brands, the fast casual announced today.
Details of the transaction with High Bluff Capital Partners were not disclosed.
Susan Lintonsmith, who has led Quiznos since 2016, will remain president and CEO of the chain.
Quiznos is an “iconic brand” with room for growth, Gerry Lopez, High Bluff operating partner and executive chairman of Quiznos’ new operating company, said in a statement.
“We are excited about the acquisition,” Lopez said. “We have the commitment, industry knowledge and flexible capital to build on recent successes and drive future, sustainable growth.”
Quiznos, known for its toasted sandwiches, had some 5,000 units in 2007. The economic downturn coupled with legal battles with franchisees resulted in the chain filing for Chapter 11 protection in 2014. That same year, the 37-year-old brand shuttered more than 400 stores.
Quiznos now has just 405 U.S. units, almost all of which are franchised. Its 2017 systemwide sales of $172.4 million were down 21.7% from the previous year, according to Technomic’s latest Top 500 chain data.
FAT Brands Completes Acquisition of Hurricane Grill and Wings
Rapidly Growing West Coast Franchisor Adds Flavorful Grill and Wings Franchise to its Portfolio of Brands
July 5, 2018–(BusinessWire)
Article here FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) announced that it has successfully completed the previously announced acquisition of Hurricane Grill & Wings (“Hurricane”) for $12.5 million, which was funded through a combination of $8.0 million of cash and $4.5 million of preferred stock. With the acquisition of Hurricane, FAT Brands now franchises more than 325 restaurants around the world with annual system-wide sales exceeding $350 million.
Founded in 1995, Hurricane Grill & Wings offers jumbo, fresh wings paired with over 35 signature sauces, rubs, and glazes with a diverse menu featuring flavorful fan-favorites including fries, tacos and burgers. Hurricane franchises more than 50 locations across the U.S. The Company plans to utilize Hurricane’s trademark tropical, laid-back American atmosphere to drive new store growth globally. The Hurricane brand is complementary to the Company’s existing portfolio brands, including Buffalo’s Cafe and Buffalo’s Express, each known for serving world-famous chicken wings. The acquisition of Hurricane creates both significant synergies and the opportunity for continued expansion of the FAT Brands portfolio.
Andy Wiederhorn, President and CEO of FAT Brands, commented, “Hurricane Grill & Wings’ mission strongly aligns with FAT Brands’ commitment to providing guests with all-American food experiences and high-quality, made-to-order meals, paired with an easygoing ambiance. The completion of this acquisition will allow our management team to expand Hurricane’s footprint in both existing markets and new international markets through the Company’s extensive network of franchise partners.”
“We are excited to complete our first acquisition since our IPO, and we remain committed to asset-light growth through a combination of accretive acquisitions of franchise brands and organic new store growth of existing brands. We are ready to embark on this next phase of growth, which we believe will create value for all of our shareholders,” Wiederhorn concluded.
Hurricane Grill & Wings President & CEO John Metz stated, “We are honored to officially join the FAT Brands family. This partnership will enable our team to leverage FAT Brands’ proven expertise and robust infrastructure to realize our brand potential and grow our presence around the world.”
For more information, please visit https://fatbrands.com/.
Fresh. Authentic. Tasty. Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual and casual dining restaurant concepts around the world. The Company currently owns five restaurant brands, Fatburger, Buffalo’s Cafe, Buffalo’s Express and Ponderosa and Bonanza Steakhouses, that have approximately 300 locations open and 300 under development in 32 countries.
About Hurricane Grill and Wings
With over 50 restaurants open or under construction in eight states, Florida-based Hurricane Grill & Wings® is known for its jumbo fresh wings, more than 35 signature sauces and rubs and tropical, laid-back vibe. Named by USA Today as one of “10 Great Places to Wing It;” selected as one of the “Future 50” by Restaurant Business as well as one of Franchise Times “Top 40 Fast and Serious,” Hurricane Grill & Wings’ menu includes crave-able Hurricane’s Garlic & Parm fries, tasty salads, seafood entrees and fresh ½ pound burgers. The brand’s signature Rum Bar with over 21 premium rums leads its tropical drinks menu, along with a wide selection of craft beers and wines. The original Hurricane Grill & Wings opened in Fort Pierce, Fla., in 1995 and has expanded to locations in Alabama, Arizona, Colorado, Florida, Georgia, Kansas, New York, and Texas. For more information, visit www.hurricanewings.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial performance and growth of FAT Brands and Hurricane, the Company’s ability to successfully integrate Hurricane and exploit the synergies of the acquisition, the Company’s ability to conduct future accretive acquisitions and achieve new store growth, and Hurricane’s ability to leverage FAT Brands’ expertise and infrastructure. Forward-looking statements generally use words such as “will,” “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “plans,” “forecast,” and similar expressions, and reflect the Company’s expectations concerning the future. It is possible that the Company’s future results may differ materially from its current expectations or those expressed or implied in these forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, including our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of the risks and uncertainties that could cause our actual results to differ materially from our current expectations or forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.
Alexis Tessier, 203-682-8286
Shelby Robinson/Rebecca Campbell
Jamba, Inc. Reports Results for the First Quarter of Fiscal 2018
Returns to a standard reporting cadence; Reaffirms fiscal 2018 guidance
Jamba Inc. reported financial results for the first quarter of 2018, highlights included a $3.4 million increase in total revenue, a 2.3% increase in system-wide comparable store sales (2.4% increase at franchise locations, 1.6% at company owned stores).
June 26, 2018–(BusinessWire)
Jamba, Inc. (NASDAQ:JMBA) (the “Company”) today reported unaudited financial results for the fiscal quarter ended April 3, 2018 (“first quarter”) and updated its fiscal 2018 financial guidance to incorporate the adoption of new accounting standards.
Highlights for first quarter 2018:
- Total Revenue increased $3.4 million to $21.0 million, primarily due to changes resulting from adoption of new accounting standards. The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“new accounting standards”), effective January 3, 2018. See the “Adoption of New Accounting Standard” section below for additional information.
- System-wide comparable store sales increased 2.3%.
- Comparable store sales increased 2.4% at franchise-owned stores and increased 1.6% at company-owned stores.
- Non-GAAP System-wide Sales increased $3.6 million, to $120.6 million in 2018.
- Blended Royalty rate was 5.1% compared to 5.1% in 2017.
- Net Income was $38 thousand, versus a loss of $3.2 million last year.
- Non-GAAP Adjusted EBITDA was $3.0 million and unchanged versus last year.
- Held $7.5 million in cash and had no outstanding principal balance on its line of credit, as of April 3, 2018.
Dave Pace, President and Chief Executive Officer, stated: “Financial results in the first quarter demonstrate continued progress in our revitalization of the Jamba business. Comparable store sales increased 2.3% beating the industry benchmark for the eighth consecutive quarter, Company owned store level margins improved by 420 basis points, and the business delivered $3.0 million of Adjusted EBITDA.”
Pace continued: “With the annual shareholder’s meeting and our 2018 first quarter 10-Q filing behind us, we have completed the steps necessary to return to a standard reporting cadence. The organization’s resources are now fully focused on building sustainable growth and creating value for our shareholders. I continue to be optimistic about our performance in 2018 and beyond.”
Anticipated Financial Reporting Calendar
The Company anticipates it will file its Form 10-Q for the fiscal quarter ended July 3, 2018 (“second quarter”) on or before the reporting timeline requirement of August 13, 2018. At that time and for subsequent filings, the Company expects to hold an earnings call to discuss results.
Fiscal 2018 Financial Guidance
The Company reaffirms its expectations for the underlying performance of the business in 2018. Certain metrics in the Current Guidance have changed only as a result of the adoption of the new accounting standards. Refer to the table included in this release for the Company’s annual estimates of the Income Statement impact of adopting the new accounting standards.
The Company held cash of $7.5 million as of April 3, 2018, which includes restricted cash of $0.3 million.
The Company used $1.8 million of cash in the first quarter of 2018 to pay incremental audit and expenses related to the effort required to complete past due filings. This amount is in addition to the $5.7 million of cash used during fiscal 2017, the Company previously reported. The Company anticipates the usage of cash for additional audit and related expenses will be substantially complete in the second quarter of 2018 and will be at a reduced level in the second quarter as compared to the first quarter of 2018.
The Company had not drawn against its line of credit, and had no outstanding principal balance as of April 3, 2018.
Adoption of New Accounting Standard
The Company adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606), on January 3, 2018 using the modified retrospective transition method. Information from prior year periods has not been adjusted and continues to be reported under the accounting standards in effect for those periods under Topic 605 “Revenue Recognition”.
Refer to the Jamba, Inc. Form 10-Q filing for the quarterly period ended April 3, 2018 for additional information.
The Company provides annual guidance as it relates to certain financial metrics and will only provide updates if there is a material change versus the original guidance. Consistent with prior practice, management will not discuss intra-period sales or other key operating results not yet reported as the limited data may not accurately reflect the final results of the period or quarter referenced.
About Jamba, Inc.
Jamba, Inc. (Nasdaq: JMBA) through its wholly-owned subsidiary, Jamba Juice Company, is a global healthy lifestyle brand that inspires and simplifies healthful living through freshly blended whole fruit and vegetable smoothies, bowls, juices, cold-pressed shots, boosts, snacks, and meal replacements. Jamba’s blends are made with premium ingredients free of artificial flavors and preservatives so guests can feel their best and blend the most into life.
Jamba Juice® has more than 800 franchised and company-owned locations worldwide, as of April 3, 2018. For more information, visit jambajuice.com.
Sonic Reports Accelerating Same-Store Sales Trend for the Third Fiscal Quarter of 2018
Sonic reported financial results for the third quarter of 2018, results included a 0.2% decline in system wide same store sales. The company opened 5 new drive-ins and repurchased 1.5 million outstanding shares.
June 26, 2018–(BusinessWire)
Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, today announced results for its third fiscal quarter ended May 31, 2018.
Key highlights of the company’s third quarter of fiscal year 2018 included:
- Net income per diluted share increased 32% to $0.58 versus $0.44 in the prior-year period; adjusted net income per diluted share increased 21% to $0.52 versus $0.43 in the prior-year period;
- System same-store sales declined 0.2%, consisting of a 0.2% same-store sales decrease at franchise drive-ins and a 0.2% increase at company drive-ins;
- Company drive-in margins declined by 10 basis points as compared to the year-ago period;
- 5 new drive-ins opened; and
- The company repurchased 1.5 million outstanding shares.
“Our third quarter same-store sales performance reflects a material improvement in trend, driven by ongoing initiatives to increase marketing reach, refresh our advertising creative and introduce relevant new products, including the Sonic Signature Slinger and Pretzel Twist,” said Cliff Hudson, Sonic Corp. CEO. “We continued to support a simplified everyday value message via the Carhop Classic promotion in April and May, which featured a Quarter-Pound Double Cheeseburger or Signature Slinger and Tots for $2.99. These broadly appealing value options offer compelling price points and are key to our efforts to drive traffic and increase sales.
“Looking ahead, we expect to continue to benefit from fully integrated media strategies and strong product innovation. On the product front, we are now promoting new Chicken Tenders as part of a $3.99 Crispy Tender Dinner, as well as Snow Cone Slushes featuring innovative flavors such as Pickle Juice and Tiger’s Blood. We continue to roll out mobile order ahead technology across the system following a successful operational test in the third fiscal quarter. We expect our focus on delighting our guests and delivering a more convenient and personalized experience will continue to drive improved traffic, accelerate operating profit growth and generate strong free cash flow.
“During the quarter, we continued to return capital to shareholders. We repurchased 1.5 million shares in the quarter, bringing the total to 4.3 million shares repurchased for the first nine months of fiscal 2018, or 9.8% of shares outstanding. We expect leverage to remain near the high end of our 3.5-4.5x net-debt-to-EBITDA target and anticipate returning a cumulative $500 to $600 million in capital to investors from fiscal 2018 through fiscal 2021 through a combination of dividends and share repurchases.” (a)
For the third fiscal quarter of 2018, the company’s net income totaled $21.6 million or $0.58 per diluted share compared to net income of $18.8 million or $0.44 per diluted share in the same period of the prior year. Excluding the items outlined below, net income increased 7% and net income per diluted share increased 21% to $0.52. The lower tax rate resulting from federal tax reform benefitted adjusted earnings per share by approximately $0.06. Excluding the total impact of federal tax reform, adjusted net income per diluted share improved 7% to $0.46 in the third fiscal quarter of 2018.
Fiscal Year 2018 Outlook
While the macroeconomic environment may impact results, the company now expects adjusted earnings per share for fiscal year 2018 to be between $1.45 and $1.49 inclusive of tax reform. Excluding the impact of tax reform, the company now expects an adjusted earnings per share increase of 3% to 6% year over year. The outlook for fiscal 2018 anticipates the following elements:
- Same-store sales for the system to be down 1% to flat year over year;
- Royalty revenue growth from new unit development;
- 50 to 55 new franchise drive-in openings;
- Drive-in-level margins of 15.3% to 15.6%, depending on the degree of same-store sales growth at company drive-ins;
- Selling, general and administrative expenses of $78 million to $80 million;
- Depreciation and amortization expense of $38 million to $39 million;
- Net interest expense of $32 million to $33 million;
- Capital expenditures of $40 million to $41 million;
- Free cash flow (b) of approximately $60 million;
- An income tax rate of 24.0% to 25.0%;
- Ongoing share repurchases as part of our $500 million authorization through fiscal 2021; and
- An expected quarterly cash dividend of $0.16 per share.
SONIC, America’s Drive-In is the nation’s largest drive-in restaurant chain serving approximately 3 million customers every day. Ninety-five percent of SONIC’s nearly 3,600 drive-in locations are owned and operated by local business men and women. For 65 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC’s Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated $10.7 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in their students. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn about SONIC’s Limeades for Learning initiative, please visit LimeadesforLearning.com.
(a) Future declarations of quarterly dividends are subject to the final determination of the company’s Board of Directors.
(b) Free cash flow is defined as net income plus depreciation, amortization and stock compensation expenses, less capital expenditures net of spending on build-to-suit drive-in development.
Corey Horsch, 405-225-4800
Vice President, Chief Financial Officer and Treasurer
Dave & Buster’s Achieves First Quarter Revenue Growth of 9.2% and EPS of $1.04
Reaffirms Fiscal 2018 Guidance on Revenue, Net Income and EBITDA
Dave & Buster’s reported first quarter financials for 2018, highlights included a 9.2% increase in revenue. However, comparable store sales decreased 4.9% and EBITDA decreased 2.3%. The company also reported opening of 6 new stores.
June 11, 2018–(Dave&Buster’s)
Dave & Buster’s Entertainment, Inc., (NASDAQ:PLAY), (“Dave & Buster’s” or “the Company”), an owner and operator of entertainment and dining venues, today announced financial results for its first quarter 2018, which ended on May 6, 2018. The Company also affirmed its financial outlook on several key metrics for fiscal 2018.
Key highlights from the first quarter 2018 compared to the first quarter 2017 include:
- Total revenues increased 9.2% to $332.2 million from $304.1 million, or 9.7% on a comparable week basis*.
- Opened six new stores compared to four new stores.
- Comparable store sales decreased 4.9%.
- Net income of $42.2 million, or $1.04 per diluted share, vs. net income of $42.8 million, or $0.98 per diluted share.
- EBITDA decreased 2.3% to $86.1 million from $88.2 million while Adjusted EBITDA increased 0.4% to $95.9 million from $95.6 million.
- Excluding the 2017 use tax settlement** in Q1 2017, and on a comparable week basis, EBITDA increased 1.8%, while Adjusted EBITDA increased 4.0%.
- Pre-opening costs increased $2.6 million to $7.1 million from $4.5 million.
*Comparable week basis: Fiscal 2017 was a 53-week year, resulting in a one-week calendar shift in fiscal year 2018. During the first quarter of 2018, this calendar shift had an unfavorable impact on total revenue of $1.4 million, EBITDA of $1.0 million, and Adjusted EBITDA of $0.9 million due to seasonality (one less high-volume “winter week” this year versus last year).
**2017 use tax settlement: Q1 2017 results included $2.5 million of amusement cost reductions ($1.6 million net of taxes or $0.04 per diluted share) resulting from the favorable settlement of a multi-year use tax audit in Texas.
“We continue to be pleased with our new store performance and are confident in our unit growth guidance for the year. We opened six stores during the quarter, our fastest pace so far, and these openings include a few that have delivered some of the highest volume openings in our history. The 2017 class of stores is also performing well for us, on track to achieve strong first year returns in line with our recent classes of stores. At the same time, evolving the brand and improving comparable store performance is a priority for us. The upcoming launch of our proprietary virtual reality platform, and the new 100% Angus Butcher’s Blend burger are just two examples of improvements in our overall offering,” said Steve King, Chief Executive Officer.
“We delivered near double-digit revenue growth, and drove EBITDA and Adjusted EBITDA growth of approximately 2% and 4% respectively on a comparable week basis, excluding the 2017 use tax settlement. While comparable store sales declined in the first quarter this year, I’m confident that our operating team’s continued focus on execution will drive improved results over time,” said Brian Jenkins, Chief Financial Officer.
Share Repurchase Activity
During the first quarter of 2018, we repurchased approximately 606,000 shares for $27.4 million, with an additional 247,000 shares for $10.1 million through June 6, 2018 during the second quarter. As of the same date, cumulatively, we had repurchased 4.1 million shares for $218.2 million under our $300 million share repurchase authorization.
Review of First Quarter 2018 Operating Results
Total revenues increased 9.2% to $332.2 million in the first quarter of 2018 from $304.1 million in the first quarter of 2017, or 9.7% on a comparable week basis. Across all stores, Food and Beverage revenues increased 7.7% to $139.8 million from $129.8 million and Amusement and Other revenues increased 10.4% to $192.4 million from $174.3 million. Food and Beverage represented 42.1% of total revenues while Amusements and Other represented 57.9% of total revenues in the first quarter 2018. In last year’s first quarter, Food & Beverage represented 42.7% of total revenues while Amusements and Other represented 57.3% of total revenues.
Comparable store sales decreased 4.9% in the first quarter 2018 compared to a 2.2% increase in the first quarter of 2017 on a comparable week basis. Our comparable store sales decrease was driven by a 4.8% decrease in walk-in sales and a 6.4% decrease in special events sales. Comparable store sales in Amusements & Other decreased 4.0% and in Food & Beverage decreased 6.1%. Non-comparable store revenues increased $44.2 million or 146.1% in the first quarter of 2018 to $74.5 million, also on a comparable week basis.
Operating income decreased to $58.6 million in the first quarter of 2018 from $64.2 million in last year’s first quarter. As a percentage of total revenues, operating income decreased 350 basis points to 17.6% from 21.1%.
Net income was $42.2 million, or $1.04 per diluted share (40.6 million diluted share base), in the first quarter of 2018 compared to net income of $42.8 million, or $0.98 per diluted share (43.5 million diluted share base), in the first quarter of 2017.
EBITDA decreased 2.3% to $86.1 million in the first quarter of 2018 from $88.2 million in the first quarter of 2017 while Adjusted EBITDA increased 0.4% to $95.9 million from $95.6 million. As a percentage of total revenues, EBITDA decreased 310 basis points to 25.9% from 29.0%, and Adjusted EBITDA decreased 250 basis points to 28.9% from 31.4%.
Excluding the 2017 use tax settlement, and on a comparable week basis, EBITDA increased 1.8% (210 basis points decrease as a percentage of total revenue), while Adjusted EBITDA increased 4.0% (150 basis points decrease as a percentage of total revenue) compared to the first quarter of 2017.
Store operating income before depreciation and amortization increased 1.1% to $108.8 million in the first quarter of 2018 from $107.6 million in the first quarter of 2017. As a percentage of total revenues, Store operating income before depreciation and amortization decreased 260 basis points to 32.8% from 35.4%.
In fiscal 2018, we are on track to open 14 to 15 new stores, representing 13% to 14% unit growth. At the top end of the range, these store openings include 11 large, two small and two 17K format stores, and will skew towards new markets for our brand. We currently have five stores under construction.
We opened six stores during the first quarter in Rogers, Arkansas; Memphis, Tennessee; Wayne, New Jersey; Anchorage, Alaska (a new state for us); Madison, Wisconsin; and Rosemont, Illinois. During the second quarter, we have already opened three new stores in Salt Lake City, Utah (a new state for us); Massapequa, New York; and Torrance, California. We plan to open two more stores during the quarter in Northridge, California; and Staten Island, New York.
We are reaffirming our financial outlook on several key metrics for fiscal 2018, which ends on February 3, 2019:
- Total revenues of $1.20 billion to $1.24 billion
- Comparable store sales decrease in the low-to-mid single digits (on a comparable 52-week basis)
- 14 to 15 new stores
- Net income of $95 million to $110 million
- Effective tax rate of approximately 24% (including the estimated impact of the Tax Cuts and Jobs Act of 2017) (vs. 23% to 24% previously) and diluted share count of approximately 40.5 million shares (vs. 41.0 million shares previously)
- EBITDA of $255 million to $275 million
- Total capital additions (net of tenant improvement allowances and other landlord payments) of $179 million to $189 million, up from $170 million to $180 million
About Dave & Buster’s Entertainment, Inc.
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster’s Entertainment, Inc., is the owner and operator of 115 venues in North America that combine entertainment and dining and offer customers the opportunity to “Eat, Drink, Play and Watch,” all in one location. Dave & Buster’s offers a full menu of entrées and appetizers, a complete selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Dave & Buster’s currently has stores in 38 states, Puerto Rico, and Canada.
Bertucci’s Sold to Planet Hollywood Parent
June 6, 2018–(Telegram.com)
Bertucci’s, the Central Massachusetts-based Italian restaurant chain known for its brick oven pizzas, has a new owner.
Earl Enterprises of Orlando, Florida, acquired Bertucci’s in a bankruptcy auction this week in a deal valued at about $20 million. Earl Enterprises also owns the Planet Hollywood, Buca di Beppo, Earl of Sandwich and other restaurant chains.
Bertucci’s filed for bankruptcy in April after the Italian restaurant chain piled up debt and began closing locations. At the time, it submitted a plan for the company to be purchased by an affiliate of an investment firm.
According to filings from the chain’s bankruptcy case in Delaware, the new owner agreed to to pay $3 million in cash and issue $13 million in debt. The buyer will also cover a fee related to terminating the previous bid and receive a credit of up to $4 million.
The first Bertucci’s restaurant opened in the early 1980s in Somerville. The chain now has more than 50 locations. In Central Massachusetts, Bertucci’s has a restaurant on Route 9 in Westboro and a t the Solomon Pond Mall in Marlboro. The chain also operated, but closed, a 2ovens restaurant in the White City Shopping Center in Shrewsbury.