Elite Acquires Cupcake Chain, Closes Daphne’s Units in Texas

Los Angeles-based Elite Restaurant Group, which specializes in buying financially distressed chains, has purchased the Gigi’s Cupcakes chain out of bankruptcy proceedings.

The all-franchised, 68-unit chain was founded in Nashville, Tenn., in 2008 as a boutique bakery. Eight years later, the then-100-unit cupcake chain was acquired by FundCorp, which also owned Mr. Gatti’s Pizza, and relocated from Nashville to Texas. Mr. Gatti’s has been in bankruptcy since January.

Elite also owns the casual-dining Slater’s 50/50 chain, Patxi’s Pizza, and the fast-casual Mediterranean concept Daphne’s.

Mediterranean restaurant

Earlier this week, Elite announced it had closed 11 underperforming locations of Daphne’s in Texas, though another 21 remain in operation in California. The Texas units were previously operated as the Noon Mediterranean brand, which Elite acquired out of bankruptcy in 2018 and converted into Daphne’s outlets.

With the addition of Gigi’s, Elite’s restaurant portfolio will include close to 120 locations and gross sales of nearly $150 million.

- Advertisement -

- Advertisement -

- Advertisement -

TRENDING NOW

RELATED CONTENT

National Restaurant Association Cancels May Event

Gathering stipulations have forced the cancellation of the National Restaurant Association 2021 Show, organizers announced today, Feb. 26. The show was previously scheduled for May 22-25 at McCormick Place in Chicago….

Read More...

SHFM Pushes National Conference to December

Industry events including the National Restaurant Association’s 2021 show in May & The NAFEM Show 2021 in August currently remain unaltered.

Read More...

TriMark, Middleby Expand Portfolios With New Facilities

Two suppliers debuted new interactive foodservice-equipment facilities this week.

Read More...