US burger chain BurgerFi has announced they have been bought for $100 million in a cash and stock deal with Opes Acquisition, providing $40 for immediate expansion plans.
BurgerFi operates at 130 QSR locations across the US mostly on the east coast, with sales of circa $146 million.
The existing BurgerFi executive management team stay and will welcome the Opes Chairman, Ophir Sternberg, as BurgerFi’s new Executive Chairman.
Earlier this year BurgerFi was linked with a move to operate ghost kitchens with Reef Kitchens, leading to a BurgerFi unit being operational through Reef in Miami. It is understood that Opes and BurgerFi view ghost kitchens as a significant additional revenue stream with plans to have 25 opened by the end of 2020.
Opes and BurgerFi also view travel hubs as an opportunity and are reported to already be in talks with HMS Host, Aramark and others to enter this sector. How travel hubs factor into any growth plan currently is a mystery, hopefully we can report differently in time to come.