A pair of growing South Florida-based restaurant chains are merging their businesses in a multimillion-dollar deal.
BurgerFi, headquartered in Palm Beach, announced Monday it is buying Fort Lauderdale-based Anthony’s Coal Fired Pizza & Wings in a $161.3 million deal, WKMG reported.
Anthony’s Coal Fired Pizza & Wings is currently owned by L Catterton, an investment company focusing on consumer brands that has a majority stake in brands such as Birkenstock and Leslie’s pool supply as well as restaurants such as Primanti Bros. and Velvet Taco, according to its website.
According to a news release, Anthony’s has 61 locations, while BurgerFi has 116 locations.
“This is our first acquisition in building a premium multibrand platform. We are well positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock value from strategic acquisitions. Our focus on premium fast-casual brands allows us to share expertise, capabilities and best practices across the board,” Ophir Sternberg, executive chairman of BurgerFi, said in a statement.
The company said it plans to expand the use of Anthony’s ghost kitchen concept, “The Roasted Wing,” which it started in November 2020, focusing on the restaurant’s wings. Anthony’s also recently debuted a smaller, “fast-causal format” of its restaurants, which BurgerFi referred to as “an additional lever for expected future growth.”
“Built in a smaller footprint to enable broader real estate opportunities and an even more streamlined operating model, this new format is anticipated to be an exciting growth avenue for both corporate and franchised expansion,” the news release reads.