BurgerFi rises on deal to buy Anthony's pizza chain

Burgerfi International

11/10/2021 16:46

** Shares in burger chain  BFI.O  rise 2.9% to $8.20 - on
course to snap a five-session losing run
    ** BFI says it will buy Anthony's Coal Fired Pizza & Wings
from private equity firm L Catterton for roughly $161.3 million,
including $33.6 million in common stock, $53 million in new
junior non-convertible preferred equity and debt  urn:newsml:reuters.com:*:nGNX776ynw
    ** BFI says it will have 177 locations, with 61 Anthony's
and 116 BurgerFi restaurants, adding it expects the deal to add
to its earnings in 2022
    ** "This is our first acquisition in building a premium
multi-brand platform" - BFI Executive Chairman Ophir Sternberg
    ** Anthony's top boss Ian Baines will become BFI's CEO,
replacing Julio Ramirez, who will take the helm at BurgerFi
brand
    ** L Catterton will become one of BFI's largest
shareholders, after the deal closes in the fourth quarter - BFI
    ** BFI down 40% this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))