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News Breaks | | | | November 28, 2012 | | 17:37 EDT |  | LUB | Luby's to purchase Cheeseburger in Paradise brand and locations
Luby's announced that it has entered into a Membership Unit(s) Sale And Purchase Agreement to purchase all of the Membership Units of Paradise Restaurants Group LLC, and certain of their affiliates, known as, "Cheeseburger in Paradise" through a wholly-owned subsidiary for approximately $11M in cash plus customary reimbursements for cash-on-hand, inventory, and accounts receivable offset by liabilities assumed at closing. Luby's will fund the purchase from cash and its credit facility. Luby's will operate 23 Cheeseburger in Paradise locations in 14 states. Prior year revenues for the locations to be purchased were over $50M.Luby's anticipates developing opportunities to expand the brand. | |
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