Company adds 23 restaurants in 14 states to its portfolio.
Multi-concept operator Luby's, Inc. reached an agreement to purchase Cheeseburger in Paradise, a chain of full-service, island themed restaurants developed in concert with world-renowned entertainer Jimmy Buffet. The deal is valued at $11 million and is expected to close by Dec. 5.
Luby's will operate 23 Cheeseburger in Paradise locations in 14 states. Prior year revenues for the locations to be purchased were more than $50 million, according to a company release. Luby's anticipates developing opportunities to expand the brand.
Luby's other concepts include Luby's Cafeterias and Fuddruckers.