Major Buffalo Wild Wings Group Sells Itself

Diversified Restaurant Holdings Inc., the Southfield, Michigan-based restaurant group that owns 64 Buffalo Wild Wings stores in five states, announced that it will be sold to IVC Partners LLC, a New York City-based private investment firm in a deal valued at $130 million, according to the company in a press release. The all-cash deal is expected to be complete by the end of the year or early 2020. DRH’s common stockholders will receive $1.05 per share in cash. The deal also includes assuming the company’s current $96.6 million debt and transaction expenses.a

The news comes a day after Outback Steakhouse's parent company, Tampa, Florida-based  Bloomin’ Brands, said it may also put itself up for sale, according to its quarterly report. Though it has not made a firm commitment to sell, it says that a sale would be among the “strategic alternatives” it is exploring in an effort to maximize shareholder value. Comparable sales increased .2% at sales at U.S. Outback Steakhouse locations in the second quarter of this year. The company, which also owns Carrabba’s Italian Kitchen, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar, has not set a “definitive timetable” to complete this process, but “plans to proceed in a timely manner.”

- Advertisement -

- Advertisement -

- Advertisement -

TRENDING NOW

RELATED CONTENT

McDonald’s to Reduce Footprint Within Walmart

With the rise of curbside pickup at big-box retailers and restaurants alike, two giants in the respective industries are partially parting ways.

Read More...

Chicago’s Beloved Lou Malnati’s Reportedly Considering Sale

Lou Malnati’s Pizzeria is considering a sale, Bloomberg first reported on Friday, April 9, as its shareholders are reportedly working with an adviser.

Read More...

The Lowdown on Effective Restaurant Marketing in 2021

Varied as their businesses may be, KFC, Radisson Hotel and Resorts, Ruby’s Diner and Bonchon Chicken have at least one resource in common: Ryan Gromfin, owner of The Restaurant Boss.

Read More...