The parent company of mega-franchise Buffalo Wild Wings has been acquired by a private equity firm in New York. News source Crain’s Detroit Business reported the roughly $180 million deal merges Diversified Restaurant Holdings (DRH) under ICV Partners’ portfolio.
In a press release, the foodservice giant announced that under the terms of the merger agreement, an affiliate of ICV acquired all of the outstanding shares of Diversified Restaurant Holdings for $1.05 per share in cash. This means that upon the closure of the transaction, DRH’s common stock will no longer be traded on NASDAQ and will be delisted.
The news source notes that ICV has been working to add more Buffalo Wild Wings locations to its collection, with the company acquiring JK & T Wings last year—a company that owned 42 Buffalo Wild Wings locations. There are 1,200 Buffalo Wild Wing restaurants worldwide, and DRH was formerly one of the largest Buffalo Wild Wings franchisees in the country with 64 stores under its ownership.
The Buffalo Wild Wings brand has been in the process of rebranding and restructuring efforts for the last couple of years, leading many in the industry to wonder if the latest acquisition by ICV Partners will position the chain for a spurt of growth in the competitive fast food market. Deli Market News will continue to follow along with all developments in the foodservice sector.