Operations
Famous Dave's parent company sold to MYT
October 4, 2022
Montreal-based MTY Food Group Inc., which owns 80 restaurant brands spanning nearly 7,000 locations, has acquired BBQ Holdings Inc., a Minnesota-based company that owns over 300 restaurant locations. Its brands include Famous Dave's, Granite City Food and Brewery restaurants, Village Inn, Bakers Square, Tahoe Joe's and Barrio Queen.
The deal is part of a merger of MYT's wholly owned subsidiary, Grill Merger Sub Inc., with each share of BBQ Holdings' common stock being converted into the right to receive the U.S. $17.25 per share, according to a company press release. BBQ Holdings is now an indirect subsidiary of MTY, but BBQ Holdings' support center will continue to be located and operated in Minnetonka, Minnesota.
As a result of the acquisition, shares of common stock of BBQ Holdings stopped trading on Sept. 28, 2022, and are no longer listed on the Nasdaq Stock Market.
National Bank Financial Inc. acted as financial adviser to MTY, and Morrison & Foerster LLP acted as its legal adviser. Kroll LLC was the financial adviser for BBQ Holdings, and Dentons Sirote PC and Lathrop GPM LLP acted as BBQ Holdings' legal advisers. The MoFo team advising MTY on the transaction was led by San Diego corporate partners Shai Kalansky and Steve Rowles, together with San Diego associates Andrew Dixon, Patrick Boyle, Carey Hughes, and Brooke Maker. The wider team included New York executive compensation partner Joshua Lerner, San Francisco securities enforcement partner Robert May, San Francisco technology transactions partner Justin Haan, Washington, D.C. antitrust partner Vishal Mehta, and New York tax partner Dave Sturgeon.
