Diversified Restaurant Holdings Inc. has bought nine Buffalo Wild Wings Grill & Bar locations, including three in the Tampa Bay area.
The company, based in Southfield, Mich., said it exercised its option to buy the restaurants in Brandon, Fish Hawk Ranch and Sarasota, plus another three in Michigan, for $3.1 million.
Diversified (OTC BB: DFRH) already managed the locations, which generated $18.3 million in revenue during the nine months ended Sept. 30. DRH’s management fee was 15.9 percent for that time, a release said.
The company received the right to exercise the purchase option as part of its initial public offering in August 2008. The deal was financed through a 6-year promissory note from the sellers, the company said.
Diversified (OTC BB: DFRH) now owns 16 Buffalo Wild Wings locations, including five in Florida.
« Obama: Small steps on deficits – Aircraft makers look to Asia for customers »
No comments yet.
Sorry, the comment form is closed at this time.
Powered by WordPress -- XHTML 1.0