News

Cracker Barrel rebranding fast casual concept

October 13, 2019

Cracker Barrel Old Country Store Inc., which owns the fast casual brand, Holler & Dash Biscuit House, has acquired Maple Street Biscuit Company in an all-cash transaction for $36 million. Holler & Dashes will become Maple Street Biscuits, according to a comany press release.

Founded by Scott Moore and Gus Evans in 2012, in Jacksonville, Florida, Maple Street Biscuit has 28 company-owned and five franchised fast casual locations across seven states. It has targeted AUVs of $1.0+ million and targeted store-level EBITDA of 17%+ of net sales, Moore said in the release.

"Our brands share many similarities such as scratch cooking and an emphasis on hospitality. I'm excited about this opportunity, and I believe Cracker Barrel will help us grow our brand and further achieve our mission of helping people, serving others, and being a part of the community," said Moore, who will remain CEO and report to Sandra B. Cochran, president and CEO of Cracker Barrel.

The company anticipates that the impact of the acquisition, excluding any acquisition and integration expenses, will be approximately neutral to earnings per diluted share in fiscal 2020.

"The breakfast and lunch-focused fast casual category is an attractive segment, and our experience with Holler & Dash has reinforced this belief," Cochran said. "We have long admired Maple Street Biscuit Company with its emphasis on made-from-scratch food and hospitality. It is a proven brand with attractive unit economics and strong growth potential, and it is positioned to become a leader in this category. The acquisition accelerates our penetration in this segment and provides growth for delivering shareholder value. I look forward to working with Scott and his team as we further grow this brand together."

Established in 1969, in Lebanon, Tennesee, Cracker Barrel and its affiliates operate 660 company-owned locations in 45 states a