ICV Partners affiliate completes merger with DRH, a Buffalo Wild Wings franchisee
Merger follows major investment in another Buffalo Wild Wings franchisee
Diversified Restaurant Holdings (DRH), a 64-unit franchisee of the Buffalo Wild Wings concept, completed its planned merger with an affiliate of ICV Partners. The ICV affiliate, as per a purchase agreement, acquired all outstanding shares at $1.05 per share. The transaction was valued at $130M, including buyer’s assumption of debt and transaction-related costs.
“These are exciting times for the Buffalo Wild Wings brand,” said Michael Ansley, DRH founder, executive chairman and acting CEO when the merger was initially announced. “Inspire Brands has reignited the sports bars with an improved menu, better customer experience and strong support for its franchisees. With the strength of ICV, our franchise can better leverage this effort and further the long history of BWW customer loyalty.”
DRH’s Board of Directors had unanimously approved the merger. The company operates Buffalo Wild Wings restaurants in Florida, Illinois, Indiana, Michigan, and Missouri. In November, ICV Partners took a significant stake in JK&T Wings, a 42-unit franchisee of Buffalo Wild Wings.
Duff & Phelps acted as exclusive financial advisor to DRH, and Dykema provided legal counsel. DLA Piper provided legal advice to ICV for the transaction. As part of closing the transaction, DRH will cease to trade its stock on the NASDAQ market.
Photo credit: Buffalo Wild Wings
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