The fast-casual chain PizzaRev has been acquired by Charlotte, N.C.-based Amergent Hospitality Group Inc., the company announced this week.
Amergent agreed to pay $100,000 in cash and an 8% secured convertible promissory note of $1 million for the Los Angeles-based brand, according to documents with the Securities and Exchange Commission.
The move marks the multiconcept operator’s first step into the pizza space, where it will look for more concepts to acquire and operate.
Amergent owns and franchises 37 restaurants, including American Burger Company, BGR — Burgers Grilled Right, Little Big Burger and a Hooters gaming venue. Through the subsidiary Pie Squared Holdings, Amergent will operate three company-owned PizzaRev locations. Another nine are franchised.
Fred Glick, Amergent’s president, said in a statement, “We’re excited to have now entered the pizza category with the acquisition of a brand leader in Pizza Rev and bringing in experienced PizzaRev operator, Matthew Avila, as brand leader.”
Glick said the company is “back in growth mode.” The company opened a Little Big Burger location at the University of Oregon.
With more acquisitions coming, he said, “We anticipate numerous synergies including improved franchisee support, shared information technology, supply chain efficiencies, improved sales and marketing, research and development, complementary geographies and customers, and enhanced employee opportunity.”
Founded by two former Clear Channel executives and their sons in 2012, PizzaRev was an early player in the once crowded fast-casual pizza space. The “craft-our-own-pizza” model allowed guests to build their thin-crust pizza with a selection of some 30 toppings for a set price, with the pie baked in minutes and served fresh from the oven.
Buffalo Wild Wings Inc. became an early investor and franchise operator the following year, and then PizzaRev was acquired by former McDonald’s CEO Don Thompson’s Cleveland Avenue LLC.
Unit counts grew to close to 50 at one point, but PizzaRev saw dozens of permanent closures during the pandemic, leaving the 12 units remaining
One PizzaRev’s original founders, Nicholas Eckerman, earlier this year partnered with Los Angeles-based Innovative Dining Group to launch the new Yakumi, a polished-fast-casual sushi concept with indoor/outdoor dining, delivery and takeout.
Contact Lisa Jennings at [email protected]
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