Acquisition brings restaurant total to 206 units, company says
The owner of Savvy Sliders has bought the BurgerFi brand, sources confirmed Tuesday.
Detroit, Mich.-based Savvy Sliders, which has 52 locations across Michigan and several other states, bought the 85-unit fast-casual BurgerFi brand after it emerged from bankruptcy protection. Terms of the sale were not disclosed.
“With this acquisition, BurgerFi will be a sister brand to Savvy Sliders, Happy’s Pizza, and Fat Boy’s Pizza, bringing the company’s combined portfolio to 206 stores,” the company said in a statement.
Each BurgerFi restaurant, located in 15 states, will continue to operate as BurgerFi, the company said.
“BurgerFi shares our commitment to using the highest-quality, freshest ingredients in each menu item while prioritizing the customer’s dining experience,” Happy Asker, Savvy Sliders’ CEO and founder, said in a statement. “We are pleased to add their award-winning chain to our family of restaurants and look forward to working with the wonderful franchisees and great team at BurgerFi.”
Savvy Sliders, founded in 2018, has locations existing or under development in Florida, Indiana, Louisiana, Michigan, Ohio, Tennessee and Texas. Happy’s Pizza has 60 locations in Michigan and Ohio. Fat Boy’s Pizza has nine locations in Louisiana, Mississippi, and Texas.
Founded in 2011, BurgerFi is a fast-casual restaurant concept known for serving 100% natural Angus beef with no steroids, antibiotics, or hormones, BurgerFi pairs its gourmet burgers with fries, onion rings, and a selection of craft beers and shakes.
Burger Fi was bought out of bankruptcy by lender TREW Capital Management in October. BurgerFi and Anthony’s Coal Fired Pizza were owned by Fort Lauderdale, Fla.-based BurgerFi International Inc., which was a public company created through a reverse merger with a special purpose acquisition company, or SPAC, in 2020.
BFI defaulted on its credit agreement last year and filed for Chapter 11 bankruptcy in September.
The company also closed units, leaving BurgerFi with 93 locations (17 company-owned and 76 franchised) when it was acquired by TREW in a bankruptcy auction for a $10 million credit bid.
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