In a deal valued at $161.3 million, fast-casual chain BurgerFi will acquire Anthony’s Coal Fired Pizza & Wings from L Catterton. The companies anticipate the deal will close in the fourth quarter of 2021 at which time L Catterton will become one of BurgerFi’s largest shareholders, per a release announcing the transaction.
Ophir Sternberg will lead both the BurgerFi and Anthony’s brands, continuing in his role as executive chairman of BurgerFi and Mike Rabinovitch will continue as BurgerFi chief financial officer. At the closing of the transaction, Ian Baines will become the chief executive officer of BurgerFi while Julio Ramirez will remain chief executive officer and president of BurgerFi. Patrick Renna will become resident of Anthony’s.
Founded in 2002 with headquarters in Ft. Lauderdale, Fla., Anthony’s operates a chain of casual dining pizza restaurants with a cooking platform that centers on a 900-degree-F coal-fired oven. As its name implies, Anthony’s menu includes pizza and other items such as coal-fired chicken wings, meatballs, sandwiches and salads.
Post-acquisition, the company will have a total of 177 restaurants between both brands.