Einstein Noah Restaurant Group Inc. said Tuesday it acquired the five-unit Kettleman Bagel Company in Portland, Ore., in a move aimed at building the Einstein Noah's presence in the Pacific Northwest.
Terms of the deal were not disclosed.
“This acquisition fits well within our aggressive growth strategy, as we believe there is tremendous opportunity for Einstein Noah in this market,” Jeff O’Neill, Einstein Noah president and chief executive, said in a statement.
Einstein Noah officials said the five Kettleman Bagel locations will be rebranded to one of the company’s existing brands.
Lakewood, Colo.-based Einstein Noah operates more than 750 restaurants under the Einstein Bros. Bagels, Noah’s New York Bagels and Manhattan Bagels brands in 39 states and the District of Columbia.
Raphael Gross, a spokesman for Einstein Noah, said Einstein Bros. has been the company’s growth vehicle, but it wasn’t clear Tuesday to which brand the Kettleman locations would be converted, or the timing of the rebranding.
The acquisition will give Einstein Noah an opportunity to build that brand out across Portland as a company-owned market, Gross said.
The Kettleman Bagel chain was founded in 2006 by Jeffrey Wang, its president and chief executive, who said he planned to retire.
“I’m just too tired,” Wang said. “I’m 57 and I’m burned out. We have about 100 employees and they’ll carry on from here.”
Wang said the Kettleman chain had a strong connection with the local community as a home-grown brand.
“Einstein Noah respects that,” he said.
Einstein Noah operates about seven Noah’s Bagels locations in Portland, as well as one Einstein Bros. unit.
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