BBQ Holdings Inc., the parent company of Famous Dave’s and Granite City Brewers, has agreed to buy VIBSQ Holdco LLC, the parent of Village Inn and Bakers Square, for around $13.5 million, the acquiring company said in a filing with the Securities & Exchange Commission Friday.
It said it expected the transaction to be complete around July 30.
BBQ said it entered securities purchase agreements on Thursday with institutional investors to sell a million shares in stock to raise $13 million and expected to pay $500,000 in additional expenses related to closing the stock sale.
Craig-Hallum Capital Group LLC is acting as exclusive placement agent in connection with the stock sales.
Village Inn is a family-dining restaurant chain that currently has with 21 company-owned restaurants and 114 franchised locations. Bakers Square is a family-dining concept with 13 company-owned restaurants.
“Over the last several years, we’ve focused on creating a foundation for these concepts to have sustainable long-term health and value-creation,” VIBSQ CEO Craig Barber said in a press release announcing the sale. “We have an amazing group of franchisees whose operational execution is a core strength for the brand. We are excited to have reached an agreement with BBQ Holdings with confidence in their leadership for the future of these great brands. We wish them, our operational teams and the franchisees the very best in the years ahead.”
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