BurgerFi International, Inc. (NASDAQ: BFI, BFIIW)
(“BurgerFi” or the “Company”), owner of one of the nation’s leading
fast-casual “better burger” dining concepts through the BurgerFi
brand, and the high-quality, casual dining pizza brand under the
name Anthony’s Coal Fired Pizza & Wings, today announced that
the Company has received additional shareholder support in the
Company’s efforts to continue its growth and development.
Ophir Sternberg, Executive Chairman of the Board
of BurgerFi and Founder & CEO of Lionheart Capital, along with
certain senior members of the BurgerFi management team, have
increased their respective investment in BurgerFi through the
purchase of 1.5 million shares of BurgerFi common stock from an
affiliate of L Catterton. Following such purchase, Lionheart,
together with its founder, Ophir Sternberg, alongside with the
BurgerFi management team, are collectively now the largest
shareholders in the Company.
In addition, pursuant to the terms of the
Company’s credit agreement, as amended, L Catterton has provided an
additional $5.1 million of financing to the Company through a
junior secured promissory note with 4% interest accrued to maturity
in September 2027. In connection with this investment, the BurgerFi
Board of Directors was expanded to seven members and the terms and
conditions of the Series A Preferred Stock of the Company,
currently held by an affiliate of L Catterton, were amended to
allow for the nomination of an additional member of the Board of
Directors and certain other protective provisions. As a result,
David Heidecorn, Senior Advisor to L Catterton, was appointed as a
Director to serve alongside to the existing members of the Board of
Directors.
Ophir Sternberg, Executive Chairman of BurgerFi,
stated, “The willingness of L Catterton, Lionheart Capital and our
management team to further invest in BurgerFi is a testament to our
potential, and I look forward to working alongside David on our
Board. I similarly share their confidence in the opportunities at
both BurgerFi and Anthony’s and have consequently increased my own
investment in the Company.”
About BurgerFi International (NASDAQ: BFI,
BFIIW)
Established in 2011, BurgerFi is a leading
multi-brand restaurant company that develops, markets, and acquires
fast-casual and premium-casual dining restaurant concepts around
the world, including corporate-owned stores and franchises.
BurgerFi is among the nation’s fastest-growing better burger
concepts with 114 BurgerFi restaurants (89 franchised and 25
corporate-owned). As of the Company’s fiscal year ended January 2,
2023, BurgerFi is the owner and franchisor of the two following
brands with a combined 174 locations.
BurgerFi. BurgerFi is chef-founded and committed
to serving fresh, all-natural and quality food at all locations,
online and via first-party and third-party deliveries. BurgerFi
uses 100% American Angus Beef with no steroids, antibiotics, growth
hormones, chemicals or additives. BurgerFi’s menu also includes
high quality wagyu beef, antibiotic and cage-free chicken
offerings, fresh, hand-cut sides, and custard shakes and concretes.
BurgerFi was named “The Very Best Burger” of the 2023 Burger Bash
at the SOBE Wine and Food Festival, the “Best Burger“Best Fast
Casual Restaurant” in USA Today’s 10Best 2022 Readers Choice Awards
for the second consecutive year, QSR Magazine's Breakout Brand of
2020, Fast Casual's 2021 #1 Brand of the Year and included in Inc.
Magazine’s Fastest Growing Private Companies List. In 2021,
Consumer Report’s Chain Reaction Report praised BurgerFi for
serving “no antibiotic beef” across all its restaurants, and
Consumer Reports awarded BurgerFi an “A-Grade Angus Beef” rating
for the third consecutive year. To learn more about BurgerFi or to
find a full list of locations, please visit www.burgerfi.com.
Download the BurgerFi App on iOS or Android devices for rewards and
'Like' or follow @BurgerFi on Instagram, Facebook and
Twitter. BurgerFi® is a Registered Trademark of BurgerFi IP, LLC,
a wholly-owned subsidiary of BurgerFi.
Anthony’s. Anthony’s was acquired by BurgerFi on
November 3, 2021 and is a premium pizza and wing brand that
operates 60 corporate-owned casual restaurant locations, as of
January 2, 2023. Known for serving fresh, never frozen and quality
ingredients, Anthony’s is centered around a 900-degree coal fired
oven with menu offerings including “well-done” pizza, coal fired
chicken wings, homemade meatballs, and a variety of handcrafted
sandwiches and salads. Anthony’s was named “The Best Pizza Chain in
America” by USA Today's Great American Bites and “Top 3 Best Major
Pizza Chain” by Mashed in 2021. To learn more about Anthony’s,
please visit www.acfp.com.
Forward-Looking Statements
This press release may contain “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995, including statements relating to BurgerFi's estimates
of its future business outlook, liquidity, prospects or financial
results, long-term opportunities, or executing on growth strategy
for both brands”. Forward-looking statements generally can be
identified by words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “plans,” “predicts,” “projects,” “will be,”
“will continue,” “will likely result,” and similar expressions.
These forward-looking statements are based on current expectations
and assumptions that are subject to risks and uncertainties, which
could cause our actual results to differ materially from those
reflected in the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, those discussed in our Annual Report on Form 10-K for
the year ended December 31, 2021 and subsequent Quarterly Reports
on Form 10-Q, and those discussed in other documents we file with
the Securities and Exchange Commission, including our ability to
continue to access liquidity from our credit agreement and remain
compliant with financial covenants therein, as well as to
successfully realize the expected benefits of the acquisition of
Anthony’s. All subsequent written and oral forward-looking
statements attributable to BurgerFi or persons acting on BurgerFi’s
behalf are expressly qualified in their entirety by the cautionary
statements included in this press release. We undertake no
obligation to revise or publicly release the results of any
revision to these forward-looking statements, except as required by
law. Given these risks and uncertainties, readers are cautioned not
to place undue reliance on such forward-looking statements.
Investor Relations:ICRMichelle
MichalskiIR-BFI@icrinc.com
Company Contact:BurgerFi International
Inc.IR@burgerfi.com
Media Relations Contact:rbb CommunicationsAilys
ToledoAilys.Toledo@rbbcommunications.com
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