Englewood, Colo. — Red Robin Gourmet Burgers Inc. has completed the sale of 108 company-owned units to multi-unit franchise operators for approximately $89.4 million in gross proceeds. The company announced the transactions in the second quarter of this year.
Under the terms of each agreement, each of the multi-unit restaurant operators has begun operating restaurants in the following markets under the same Red Robin brand:
• Kuber Oregon LLC and Kuber Washington LLC acquired 17 restaurants based in Oregon and Washington for $10 million.
• Evergreen Dining LLC acquired 30 restaurants based in Washington and Western Idaho for $23.5 million.
• Op Burgers, LLC is acquiring 69 restaurants based in Kentucky, Indiana, Maryland, Ohio, North Carolina, Pennsylvania, South Carolina and Virginia for $62.5 million. The acquisition of 61 restaurants for $55.9 million has closed, with the remaining eight restaurants expected to close by fiscal year end, pending the transfer of applicable liquor licenses, for additional proceeds of $6.6 million. That will bring the total to 116 restaurants and $96 million, consistent with the company’s second quarter announcements.