Financing

Famous Dave's parent to acquire 7-unit Barrio Queen for $28M

The company continued its buying spree with the Phoenix-based Mexican chain and also added three bars, bringing its portfolio to eight concepts.
Famous Dave's exterior
Photograph: Shutterstock

The owner of Famous Dave's is buying the seven-unit Barrio Queen chain for $28 million, continuing its streak of acquisitions under CEO Jeff Crivello.

Barrio Queen is known for authentic Mexican fine dining. Its seven restaurants are located in and around Phoenix; an eighth location is scheduled to open in December.

The chain also acquired three bar concepts under two brands—Craft Republic and Fox & Hound—for $4.5 million, according to an SEC filing. The restaurants' locations were not disclosed.

In conjunction with the deals, BBQ Holdings is changing its name to Famous Hospitality to reflect its diversification.

With Barrio, its portfolio stands at eight concepts, plus the three bars: Famous Dave's, Village Inn, Granite City, Bakers Square, Real Urban BBQ, Clark Crew BBQ and Tahoe Joe's. 

Together they accounted for 316 locations at the end of 2021 and will have 336 this year.

M&A has been one of the company's defining characteristics under Crivello since he became CEO in 2017, when it was a single-concept concern. Since then it has reeled off a regular flow of deals that give it both more restaurants and more options for filling sales capacity in those restaurants. Some Granite City locations, for instance, are also serving Famous Dave's food, and Famous plans to mix and match many of its brands to get the most sales out of each restaurant.

The Barrio Queen deal is expected to close within 45 days. It will be funded with cash and debt, the company said.

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