BBQ Holdings to Purchase The Fast Growing Barrio Queen Restaurant Group in Phoenix
The multi-brand restaurant company is adding the Mexican fine-dining brand in Arizona to its growing portfolio, which is their largest acquisition to date.
MINNTONKA, Minn., March 14, 2022 /PRNewswire-PRWeb/ --BBQ Holdings, Inc., the multi-brand restaurant company behind fan-favorite restaurant concepts such as Famous Dave's, Granite City Food and Brewery, Real Urban BBQ, Village Inn, Bakers Square and Tahoe Joe's Famous Steakhouse, is adding yet another brand to its portfolio with the acquisition of Barrio Queen, the seven-unit Phoenix, Arizona-based Mexican fine-dining restaurant. The deal is set to close in early April and marks the third acquisition for the Company over the past year. Barrio Queen was founded in 2011 and is known for its authentic Mexican cuisine, vibrant atmosphere, and extensive tequila offerings.
Linda Nash, Co-Owner with her husband Steve Rosenfield of Barrio Queen says, "We are thrilled to pass the baton to the BBQ Holdings team and couldn't be more proud of what we have built. The success of these restaurants is the result of many years of hard work and dedication from the Barrio team. We are confident the transition will be smooth and seamless thanks to Anish Gandhi and his team at Brookwood Associates, who advised on the transaction."
According to Jeff Crivello, BBQ Holdings' CEO, Barrio Queen will fill a gap we have in our portfolio of brands. "We are excited to welcome Barrio Queen into the BBQ Holdings family. It's a beloved brand with an entrepreneurial team that has done a great job. The food offerings and environment are unlike any of our other brands. It will be a truly unique addition to our portfolio. We look forward to continuing their path of success."
Barrio Queen currently has seven operating restaurants throughout Arizona and has a lease signed for an eighth with a target opening date of December 2022. The $28 million dollar acquisition price will be funded with cash and debt. The Company says further details will be available post closing.
Marking the Company's third acquisition over the past year, Crivello says, "BBQ Holdings is on a great growth trajectory. We have three pillars of growth: (1) Adding topline sales to our current restaurants; (2) New prototypes and organic new units; and (3) M&A to build a diversified portfolio of food and beverage brands. Barrio Queen is the perfect fit for our portfolio."
ABOUT BBQ HOLDINGS
BBQ Holdings, Inc. (NASDAQ: BBQ) is a national restaurant company engaged in franchising, ownership and operation of casual and fast dining restaurants. As of March 14, 2022, BBQ Holdings had multiple brands with over 100 Company-owned locations and over 200 franchised locations, including ghost kitchens operating out of the kitchen of another restaurant location or shared kitchen space. While BBQ Holdings continues to diversify its ownership in the restaurant community, it was founded with the principle of combining the "art and science" of barbecue to serve up the very best of the best to barbecue lovers everywhere. Along with a wide variety of BBQ favorites served at their BBQ restaurants, BBQ Holdings also operates Granite City Food and Brewery restaurants which offer award winning craft beer and a made-from-scratch, chef driven menu featuring contemporary American cuisine. Village Inn and Bakers Square add a legendary Family Dining element to BBQ Holdings, with these concepts specializing in breakfast and pies. Tahoe Joe's is known for their pellet-broiler cooked and smoked infused steak.
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SOURCE BBQ HOLDINGS
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