March 8, 2017
Rebecca Kilbreath, Editor in Chief
A roundup of interesting bits of news that came across the editor’s desk, including news about chains, mergers and acquisitions, and recommended reading.
- Cole Schotz P.C. announced the formal launch of its Restaurant & Hospitality Group led by New York-based members Jordan A. Fisch and David A. Rubenstein. The Group brings together a multidisciplinary team of attorneys drawn from the firm's Corporate, Real Estate, Tax, Employment and Intellectual Property practice groups to provide counsel at every stage of the business lifecycle.
chain chain chain
- Florida-based Anthony’s Coal Fired Pizza is set to open mulitiple locations in the greater Chicago area in 2017. This is the 60-unit chain’s first foray into the Midwest.
- Eddie V’s is set to open in Pittsburgh in March. The new 274-seat restaurant will open in the Union Trust Building, which recently underwent a $100 million restoration.
- Fazoli’s signed three franchise agreements to bring additional units to Florida and Georgia.
- Russo's Restaurants, parent company of Russo's New York Pizzeria and Russo's Coal-Fired Italian Kitchen with locations in the U.S., UAE and Saudi Arabia, announced plans to expand throughout the Middle East over the next 10 years with an aggressive multi-unit franchise growth strategy.
go big or go home
- Bahama Buck’s opened its 100th location on March 7, this one in El Paso, Texas.
- Hooters opened its first-ever location in Santa Cruz, Bolivia, led by franchise partner, Francorp SRL. The opening is part of a five-location agreement that will see Francorp SRL open an additional four Hooters restaurants in Cochabamba, Tarija, and La Paz.
mergers & acquisitions
- Delight Restaurant Group acquired 30 Wendy’s Restaurants from The Wendy’s Company.
- Imvescor Restaurant Group Inc. completed its acquisition of Quebec-based Ben & Florentine for a total consideration of approximately $17.7 million payable at closing with an additional earn-out payment of up to $7.3 million payable in the first quarter of 2018 based upon the achievement of certain financial results driven principally by the successful opening of new restaurants.
- Restaurant Brands International Inc. agreed to acquire Popeyes Louisiana Kitchen.
branding on my mind
- Tommy Bahama, owner and operator of more than 160 retail locations — 16 of which offer a restaurant and bar — introduced a new men’s fragrance, Maritime.