Fast-food restaurant chain PizzaRev has been acquired by Charlotte, North Carolina-based Amergent Hospitality Group Inc., the company announced this week.
Amergent agreed to pay $ 100,000 in cash and a $ 1 million 8% secured convertible promissory note for the Los Angeles-based brand, according to Securities and Exchange Commission documents.
The move marks the first step for the multiconcept operator in the pizza space, where he will look for other concepts to acquire and use.
Amergent owns and franchises 37 restaurants, including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger and a Hooters game room. Through subsidiary Pie Squared Holdings, Amergent will operate three company-owned PizzaRev locations. Nine others are franchisees.
Fred Glick, President of Amergent, said in a statement: âWe are delighted to have now entered the pizza category with the acquisition of a brand leader Pizza Rev and the arrival of the experienced operator. of PizzaRev, Matthew Avila, as a brand leader. “
Glick said the business is “back in growth mode”. The company opened a Little Big Burger store at the University of Oregon.
With further acquisitions to come, he said, âwe anticipate many synergies, including better support to franchisees, shared information technology, supply chain efficiency, improvement sales and marketing, research and development, complementary geographies and customers, and better opportunities for employees. “
Founded by two former Clear Channel executives and their sons in 2012, PizzaRev was an early player in the once-crowded quick-casual pizza space. The do-it-yourself pizza model allowed guests to compose their thin-crust pizza with a selection of around 30 toppings for a fixed price, with the pie baked in minutes and served fresh from the oven.
Buffalo Wild Wings Inc. became an early investor and franchise operator the following year, and then PizzaRev was acquired by former McDonald’s CEO Don Thompson’s Cleveland Avenue LLC.
The number of units rose to almost 50 at one point, but PizzaRev has seen dozens of permanent closures during the pandemic, leaving the remaining 12 units
The original founders of One PizzaRev, Nicholas Eckerman, partnered earlier this year with Los Angeles-based Innovative Dining Group to launch the new Yakumi, a refined and relaxed sushi concept featuring indoor and outdoor dining. outside, deliveries and take-out.
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