Simultaneous with the $130 million purchase of Buffalo Wild Wings (BWW) franchisee Diversified Restaurant Holdings, investment firm ICV Partners has sold 22 of the acquired 64 units to the wing specialist’s franchisor, Inspire Brands.
ICV also announced this morning that an earlier-acquired BWW franchisee, JK&T, had entered into an agreement with Inspire to develop 15 restaurants in agreed-upon locations.
In addition, the investor said the restaurants of Diversified and JK&T will be grouped together under a new operation called JK&T Wings. Kent Ward will serve as CEO of the new company, and Brian Carmody will hold the title of president.
The acting CEO of Diversified, Michael Ansley, stepped down as previously announced upon ICV’s all-cash purchase of the company.
The various transactions and agreements will leave ICV with 80 Buffalo Wild Wings in five states, making it the largest franchisee within that casual chain.
“We are very pleased to complete this transaction and are enthusiastic to deploy our expertise to help grow the Buffalo Wild Wings brand,” ICV Managing Director Ira Moreland said in a statement.
The units sold to Inspire are located in Florida and Massachusetts.
Inspire is also the franchisor of Jimmy John’s, Arby’s, Sonic Drive-In and Rusty Taco.
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