Custom Restaurant & Hospitality Group buys Millie’s Restaurant & Bakery in $2.9M deal

SOLANA BEACH Calif. The Custom Restaurant & Hospitality Group Inc. [3] has agreed to acquire the 10-unit Millie’s Restaurant & Bakery [4] chain from Millie’s Restaurants Inc. of Brea, Calif. —In a deal valued at $2.9 million, a subsidiary of

American Restaurants Concepts Inc., a division of Solana Beach-based Custom Restaurant & Hospitality Group, agreed to provide the seller with $600,000 in cash, up to $1,000 from cash on hand and the value of inventory in each restaurant, and assume $2.3 million in debt, according to documents filed by the buyer with the U.S. Securities & Exchange Commission. Custom Restaurant & Hospitality’s stock is traded over the counter. —In a deal valued at $2.9 million, a subsidiary of

Spokeswoman Katie Overcash said Custom Restaurant & Hospitality expects the deal to close shortly, but cannot discuss the transaction in detail or plans for the assets because it is now in an SEC-mandated “quiet period.” —In a deal valued at $2.9 million, a subsidiary of

Millie’s Restaurants Inc. is controlled by John R. Bifone, who in 2000 acquired the full-service, breakfast-lunch-and-dinner chain called Millie’s Country Kitchen from R&M Foods, which had created the brand in 1982 through the conversion of 16 Alphy’s restaurants previously owned by Denny’s. The Millie’s Restaurant & Bakery locations, which have beer and wine licenses, tout their foods from “Great American recipes–with a twist.” —In a deal valued at $2.9 million, a subsidiary of

Bifone, who in years past was president of the Country Kitchen and Bojangle’s chains, as well as chief executive of Garden Fresh Restaurant Corp., among other industry posts, also currently owns Brea-based Calabee’s Inc., the operator of 10 franchised Applebee’s Neighborhood Grill & Bar restaurants. —In a deal valued at $2.9 million, a subsidiary of

Joe Herrera, Millie’s vice president of marketing, said the sale, if completed, would enable Bifone to focus on his Applebee’s [5] business and provide the Millie’s operation with greater access to capital and other resources needed for growth. —In a deal valued at $2.9 million, a subsidiary of

Custom Restaurant & Hospitality was previously known as PetroNational Corp., with a focus on oil-and-gas exploration and other petroleum-centered activities. In November 2008, it exited that business and created a Custom Restaurant & Hospitality Group subsidiary it subsequently merged into. In May, in a reverse merger, the then shell company acquired the Harry’s Pacific Grill casual-dining restaurants in Rancho Cucamonga and Temecula, Calif., from Westmore Investment L.P. and Westmore Partners Inc., in exchange for 57 percent of Custom Restaurant & Hospitality stock.— [email protected] [6] —In a deal valued at $2.9 million, a subsidiary of