Gastropub chain HopCat has been acquired by Uncommon Equity, a Chicago-based private equity firm with other holdings in the restaurant industry. Financial terms were not disclosed.
HopCat has 12 restaurants, all of which are in Michigan except for one in Nebraska. It owns the one-off Stella’s Lounge in Grand Rapids.
Founded in 2008, HopCat was part of the early wave of craft brewery restaurants. It offers a wide selection of local beers along with scratch-made food.
It last changed hands in 2020, when it was sold out of bankruptcy to former lenders for $17.5 million.
HopCat once had 17 locations, but closed some during the pandemic, which hit Michigan particularly hard. However, it has returned to growth since, opening two restaurants in the past two years. Systemwide sales rose nearly 10% last year, to $46.7 million, according to Technomic data.
CEO Craig Stage said the chain plans to do more of the same under its new owner.
“We see this transition not as a change of direction, but as a continuation of what HopCat does best – bringing people together,” Stage said in a statement. “We’re excited to partner with Uncommon Equity and their experienced Operating Partners to invest in the team, new locations, and innovation while preserving the local and Midwest hospitality that has always defined the brand.”
Uncommon Equity was founded in 2015 and earlier this year rebranded from City Capital Ventures to emphasize its “differentiated, direct investment philosophy.”
Its portfolio includes two other restaurant companies: Rackson Restaurants, a Burger King and Dave’s Hot Chicken operator, and Redberry Restaurants, a franchisee of Burger King, Taco Bell and Jersey Mike’s.
As part of the acquisition, Uncommon Equity co-founder and CEO Dan Kipp and operating partners Gary Graves and Rob Selati will join HopCat’s board.
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