Noodles & Company Announces Agreement to Acquire Sixteen Franchised Locations for $13.4M

Noodles & Company(Nasdaq: NDLS), serving classic noodle and pasta dishes from around the world,today announced it has entered into an agreement to purchase 16 franchisedNoodles & Company restaurants for approximately $13.4 million. The acquisitionis expected to close in early July 2014.The 16 locations included in the agreement, operated by long-time franchisepartner, Sagamore Dining Partners, LLC, are located primarily in the greaterIndianapolis area. All of the Noodles & Company restaurants being acquiredwill remain open for business during the transition."Mike Lamb and his team at Sagamore Dining Partners have done an outstandingjob of establishing the Noodles & Company brand in Indianapolis over the pasteight years," stated Kevin Reddy, Chairman and Chief Executive Officer ofNoodles & Company. "The successful restaurants they have built and operatedare extremely well-run and we look forward to adding them to our portfolio ofcompany-owned restaurants in neighboring markets."Sagamore Dining Partners, LLC expanded their development agreement withNoodles & Company earlier this year to include the exclusive right to openNoodles & Company restaurants in the greater Louisville, KY metro area. Theagreement with Noodles & Company to sell their Indianapolis locations willstrengthen Sagamore Dining Partners, LLC's financial resources for thedevelopment of their new franchise territory. The first location in Louisvilleis anticipated to open in late 2014.