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News Breaks | | | | December 10, 2012 | | 17:17 EDT |  | LUB | Luby's closes purchase of Cheeseburger in Paradise brand
Luby's announced that it closed on the purchase all of the membership units of Paradise Restaurants Group LLC, and certain of their affiliates through a wholly-owned subsidiary for approximately $11M in cash plus customary working capital adjustments. Luby's anticipates that the acquisition will be accretive to earnings, excluding integration expenses during FY13. Over the past twelve months, these locations have generated approximately $53M in sales. "We would like to welcome the employees of Cheeseburger in Paradise to our organization. Together we look forward to launching initiatives that we anticipate will improve the customer experience, expand our customer base, increase revenues, raise margins and increase cash flow generation. On our upcoming first quarter fiscal 2013 earnings conference call on December 20 we plan to further outline our plans for enhancing the Cheeseburger in Paradise operations, as well as new unit expansion," Luby's CEO Chris Pappas said. | |
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