Italian casual-dining chain Buca di Beppo has the go-ahead be sold out of bankruptcy to lender Main Street Capital for $27 million.
A Texas judge approved the deal Friday after no other bidders came forward for the 44-unit chain.
Houston-based Main Street was named the stalking-horse bidder in the case, giving it the right to set a starting price. The $27 million credit bid will forgive loans made to Buca di Beppo by Main Street, which will then take control of effectively all of the chain’s assets.
Main Street is also providing $36.3 million in debtor-in-possession financing to help Buca di Beppo continue operating during the bankruptcy process.
Main Street has investments in a variety of industries, including a few regional restaurant chains: Allen, Texas-based Cafe Brazil; Phoenix-based New York Pizza Department; and Nashville-based Tin Roof.
Orlando-based Buca di Beppo will become the firm’s largest restaurant holding with 44 locations and more than $172 million in sales last year.
Buca di Beppo filed for bankruptcy on Aug. 4, citing the lingering impacts of the pandemic on its business. The chain is known for its over-the-top take on Italian-American “red sauce joints.”
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