News

Noodles & Co. acquires 16 franchised locations

May 27, 2014

Noodles & Company has entered into an agreement to purchase 16 franchised restaurants for approximately $13.4 million. The acquisition is expected to close in early July 2014. According to a news release, the locations are operated by longtime franchise partner Sagamore Dining Partners LLC and are located primarily in the greater Indianapolis area. All of the Noodles & Company restaurants being acquired will remain open for business during the transition.

"Mike Lamb and his team at Sagamore Dining Partners have done an outstanding job of establishing the Noodles & Company brand in Indianapolis over the past eight years," CEO Kevin Reddy said in the release. "The successful restaurants they have built and operated are extremely well-run, and we look forward to adding them to our portfolio of company-owned restaurants in neighboring markets."

Sagamore Dining Partners expanded their development agreement with Noodles & Company earlier this year to include the exclusive right to open restaurants in the Louisville, Ky., market.

The agreement with Noodles & Company to sell the Indianapolis locations will strengthen Sagamore Dining Partners’ financial resources for the development of its new franchise territory, the release said. The first location in Louisville is expected to open later this year.