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Increases Florida footprint to thirteen restaurants
- Two additional Florida restaurants planned for 2014
SOUTHFIELD, Mich., June 10, 2014 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company"), the creator, developer and operator of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Burger Tavern® ("Bagger Dave's") and one of the largest franchisees for Buffalo Wild Wings® ("BWW"), announced today that BWW waived its first right of refusal clearing the way for the Company 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.
Michael Ansley, President and CEO of DRH, commented, "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. 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.
About Diversified Restaurant Holdings
Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company") owns and operates Bagger Dave's Burger Tavern, a full-service, family-friendly restaurant and full bar with a casual, comfortable atmosphere specializing in custom-built, proprietary, fresh prime rib recipe burgers, all-natural turkey burgers, hand-cut fries, locally crafted beers on draft, hand-dipped milk shakes, salads, black bean turkey chili, and much more. Currently, there are 20 company-owned Bagger Dave's restaurants in Michigan and Indiana. DRH plans to open six additional company-owned locations during 2014 in Indiana and Michigan. For more information, visit www.baggerdaves.com.
The Company also operates 36 Buffalo Wild Wings Grill & Bar franchised restaurants in Indiana, Illinois, Michigan, and Florida, with an Area Development Agreement to open an additional 13 locations by 2017. DRH plans to open three more units in 2014.
The Company routinely posts news and other important information on its website at www.diversifiedrestaurantholdings.com.
Safe Harbor Regarding Forward Looking Statements
The information made available in this news release contains forward-looking statements which reflect DRH's current view of future events, results of operations, cash flows, performance, business prospects and opportunities. Wherever used, the words "anticipate," "believe," "expect," "intend," "plan," "project," "will continue," "will likely result," "may," and similar expressions identify forward-looking statements as such term is defined in the Securities Exchange Act of 1934. Any such forward-looking statements are subject to risks and uncertainties and the Company's actual growth, success with acquisitions, results of operations, financial condition, cash flows, performance, business prospects and opportunities could differ materially from historical results or current expectations. Some of these risks include, without limitation, the impact of economic and industry conditions, competition, food and drug safety issues, store expansion and remodeling, labor relations issues, costs of providing employee benefits, regulatory matters, legal and administrative proceedings, information technology, security, severe weather, natural disasters, accounting matters, other risk factors relating to our business or industry and other risks detailed from time to time in the Securities and Exchange Commission filings of DRH. Forward-looking statements contained herein speak only as of the date made and, thus, DRH undertakes no obligation to update or publicly announce the revision of any of the forward-looking statements contained herein to reflect new information, future events, developments or changed circumstances or for any other reason.