Daphne’s Parent Scoops Up Chain From Chapter 11

Verts-3

Elite Restaurant Group, the Los Angeles-based owner of Slater’s 50/50 and Daphne’s, plans to acquire Noon Mediterranean, the oft-rebranded 12-unit chain that filed for bankruptcy protection in August.

Elite has filed an agreement to purchase the struggling 12-unit chain for less than $800,000 and says it will convert the Noon stores in Texas, Pennsylvania and Massachusetts into “hybrid” locations with menu items from Noon and Daphne’s.

The Austin, Texas, chain was founded in 2011 as VertsKebap, a kebab concept. In 2015, fueled by $20 million in private funding, it changed its name to Verts Mediterranean Grill and launched a national expansion with a broader menu.

The deal marks Elite’s third this year. When the firm purchased Daphne’s in April, it made clear its goal to position the 22-unit fast-casual chain for major growth, stripping “California Greek” from its name and revamping its look and menu. Its purchase and hybridization of Noon Mediterranean would grow Daphne’s to a 36 unit-footprint comprised of 22 existing stores, 12 converted locations, and two new units scheduled to open in the next 60 days.

In September, Elite added deep-dish pizza to its brand portfolio by purchasing 17-unit Patxi’s Pizza from private-equity firm KarpReilly LLC.

Patxi’s, based in San Francisco, has a footprint in Palo Alto, Campbell, Lafayette, San Francisco, Greenbrae, and San Jose, Calif., as well as locations in Denver and Seattle. Elite plans to franchise the full-service chain, with the goal of rolling out 10 new stores a year, with a revamped and design. Older locations will be remodeled.

RELATED CONTENT

Publisher’s Note: Summer Planning

Let FER take equipment research off your to-do list as you hopefully enjoy some much-deserved time off.

Emerging Leaders 2025 Graphic

Get to Know 2025’s Emerging Leaders

Meet five future changemakers, age 45 and under and from different segments of the industry, who are filled with a passion for foodservice.

- Advertisement -

- Advertisement -

- Advertisement -

TRENDING NOW

- Advertisement -

- Advertisement -

- Advertisement -