BurgerFi To Acquire Anthony's Coal Fired Pizza & Wings For $161.3M

BurgerFi International Inc (NASDAQ:BFI) has agreed to acquire Anthony's Coal Fired Pizza & Wings from private equity firm L Catterton for about $161.3 million.
Fort Lauderdale, Florida-based Anthony's, founded in 2002, is an operator of casual dining pizza restaurants.
The deal price comprises $33.6 million in common stock, $53.0 million in new junior non-convertible preferred equity, and the assumption of estimated $74.7 million debt, all subject to closing adjustments.
At the closing of the transaction, L Catterton will become one of BurgerFi's largest shareholders. Andrew Taub, a Managing Partner at L Catterton, will be joining BurgerFi's board following the completion of the transaction expected to occur in the fourth quarter of 2021.
BurgerFi expects the transaction to be accretive to EPS to common shareholders and EBITDA in 2022.
Ophir Sternberg will lead both the BurgerFi and Anthony's brands in his continuing role of Executive Chairman of BurgerFi, and Mike Rabinovitch will continue as BurgerFi CFO.
At the closing of the transaction, Ian Baines will become the CEO of BurgerFi, while Julio Ramirez will remain CEO and President of the BurgerFi brand, and Patrick Renna will become President of Anthony's brand.
BurgerFi held $34.75 million in cash and equivalents as of June 30, 2021.
Price Action: BFI shares closed higher by 5.77% at $8.43 on Monday.

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