Major Buffalo Wild Wings Group Sells Itself

Buffalo-Wild-Wings-exterior

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.”

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 -