Diversified Restaurant Holdings announced today that Buffalo Wild Wings waived its first right of refusal, clearing the way for DRH to acquire substantially all of the assets of Screamin' Hot Florida, LLC and Screamin' Hot Trinity, LLC.
The assets to be acquired primarily consist of three BWW restaurants located in Florida for approximately $3.2 million.
"The acquisition of these three locations puts us in a leading position, owning an entire Florida market region that appears to be strengthening. Our greater scale will allow us to leverage our local store advertising message and spending,” says Michael Ansley, President and CEO of DRH. “It also provides market diversity from our strong base in Michigan. Our BWW franchise's strong cash generation enables investment in the growth of our Bagger Dave's concept."
The restaurants are located in Clearwater, Port Richey, and Oldsmar, Florida. DRH expects to complete the purchase in the third quarter, subject to customary closing conditions, bringing the total DRH-owned BWW Florida store count to 13. By year end, the Company plans to open six additional Bagger Dave's restaurants and three additional Buffalo Wild Wing's restaurants.