BurgerFi, the 120-store chain has made an agreement to purchase Anthony’s Coal Fired Pizza & Wings and direct a joint expansion of the two chains focused on the eastern half of the US.
The $161.3M deal was made with L Catterton, the consumer product investment firm that financed the rise of Punch Bowl Social and P.F. Chang’s, as well as Anthony’s. L Catterton will become one of BurgerFi’s largest shareholders and will hold a seat on its board.
Both chains had their beginnings in Florida and have been expanding up the East Coast, though BurgerFi CEO Julio Ramirez, who once directed Burger King’s Latin American business, says the company is poised to expand to areas where the greatest opportunities lie.
“We’re actively growing and have about 15 restaurants under construction, but we’ve done a lot of second-generation locations in buildings where other brands didn’t make it through the pandemic,” Ramirez said. “We’re beginning to plan international locations now. It’s not a big stretch to go to South America, though it probably won’t be next year.”
The companies complement each other with expertise in different areas of foodservice operation. Anthony’s has 61 locations, nearly half of which are in Florida. Anthony’s stores are all company-owned, while BurgerFi expanded with franchising but has widened its company-owned portfolio to about 20 locations.
