Palm Beach, Fla.-based fast-casual burger chain BurgerFi International announced Monday the intention to acquire Anthony’s Coal Fired Pizza & Wings for $161.3 million from growth investment firm L Catterton. When the deal goes through, likely in the fourth quarter of 2021, L Catterton will become one of the largest shareholders of Burger Fi International.
“We are well positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock value from strategic acquisitions,” Ophir Sternberg, executive chairman of BurgerFi, said in a statement. “We are looking forward to expanding our portfolio in the food industry and to the new chapters this will bring to both BurgerFi and Anthony’s Coal Fired Pizza & Wings.”
Anthony’s Coal Fired Pizza was founded in South Florida as an independent restaurant and has since grown to 61 locations nationwide and is known for their coal-fired pizza and wings, as well as homemade meatballs and other Italian specialties. The brand also launched a virtual kitchen, The Roasted Wing, in 2020, serving up different wing varieties.
“Anthony’s represents a fantastic addition to the BurgerFi family,” Ian Baines, CEO of Anthony’s Coal Fired Pizza & Wings, said in a statement. “It is a well-positioned, pizza and wing concept with industry-leading average unit volumes and strong profitability. BurgerFi is a very dynamic growth brand, and I am honored to work with their talented team as we continue to pursue and expand on our growth strategy.”
Julio Ramirez will remain on as CEO of BurgerFi, while Baines will become CEO of the combined company and Patrick Renna will become president of Anthony’s.
With the acquisition of the pizza brand, BFI will have a total of 177 stores in its portfolio across the country.
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