Noodles & Company
NDLS, serving classic noodle and pasta dishes from around the world,
today announced it has entered into an agreement to purchase 16 franchised
Noodles & Company restaurants for approximately $13.4 million. The acquisition
is expected to close in early July 2014.
The 16 locations included in the agreement, operated by long-time franchise
partner, Sagamore Dining Partners, LLC, are located primarily in the greater
Indianapolis area. All of the Noodles & Company restaurants being acquired
will remain open for business during the transition.
"Mike Lamb and his team at Sagamore Dining Partners have done an outstanding
job of establishing the Noodles & Company brand in Indianapolis over the past
eight years," stated Kevin Reddy, Chairman and Chief Executive Officer of
Noodles & Company. "The successful restaurants they have built and operated
are extremely well-run and we look forward to adding them to our portfolio of
company-owned restaurants in neighboring markets."
Sagamore Dining Partners, LLC expanded their development agreement with
Noodles & Company earlier this year to include the exclusive right to open
Noodles & Company restaurants in the greater Louisville, KY metro area. The
agreement with Noodles & Company to sell their Indianapolis locations will
strengthen Sagamore Dining Partners, LLC's financial resources for the
development of their new franchise territory. The first location in Louisville
is anticipated to open in late 2014.
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