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The ownership of Anthony’s Coal Fired Pizza & Wings is changing hands… sort of. Anthony’s, which is owned by L Catterton, was recently bought by BurgerFi for $161.3 million. BurgerFi will assume $74.7 million in debt from the acquisition. According to QSR Magazine, L Catterton, a private equity firm with investments in Uncle Julio’s and Chopt, will receive $87 million worth of stock in the deal, making them one of BurgerFi’s largest shareholders. Anthony’s Coal Fired Pizza & Wings operates 61 company-owned locations along the East Coast with a heavy presence in New Jersey, Pennsylvania, and Florida.
“The willingness of a well-respected PE firm in the restaurant business like L Catterton to invest in BurgerFi is a testament to our growth potential. This combined entity will help fuel our aggressive growth plans for BurgerFi,” Julio Ramirez, BurgerFi’s CEO, said in a press release. “Our aim is to work with innovative and forward-thinking teams and brands that align with BurgerFi’s goals and vision as we continue to expand and strengthen our platform in the restaurant industry.”
Restaurant Business reports that BurgerFi will grow Anthony’s with cost-efficient new builds. While Anthony’s Springfield, PA location is about 1,700 sq. ft., their new locations will have a shrunken footprint that costs half the price to build. These Anthony’s locations will still serve the same menu but have slightly smaller kitchens, less seating for customers, and will lack a full bar. The price tag to build a smaller Anthony’s location is just $600,000.
BurgerFi will monitor Anthony’s performance to see whether they will grow it with company-owned locations or franchises. BurgerFi is planning to pump out about 25 to 30 new locations this year that are a mix of company-run locations and franchises. Anthony’s, which like BurgerFi, is also based in Florida, opened in 2002 and serves quick-cooked pizzas and chicken wings in their 900-degree coal-fired ovens. BurgerFi, which opened in 2011, is known for its hormone-free beef burgers and has locations internationally.