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North Palm Beach-based BurgerFi to acquire Anthony's Coal Fired Pizza & Wings

Burger chain buying Fort Lauderdale-based restaurant for about $161.3 million
BurgerFi location in Aventura in 2015
Posted at 11:04 AM, Oct 12, 2021
and last updated 2021-10-12 11:07:48-04

WEST PALM BEACH, Fla. — BurgerFi is getting into the pizza business.

The North Palm Beach-based burger chain announced Monday that it is acquiring Anthony's Coal Fired Pizza & Wings.

A news release from BurgerFi said it has agreed to purchase the Fort Lauderdale-based restaurant chain for about $161.3 million.

"This is our first acquisition in building a premium multibrand platform," Ophir Sternberg, BurgerFi's executive chairman, said in the news release. "We are well positioned to continue the growth of our existing BurgerFi brand and leverage our scale to unlock value from strategic acquisitions. Our focus on premium fast-casual brands allows us to share expertise, capabilities and best practices across the board."

The purchase price was being funded from the issuance of $33.6 million in common stock, the assumption of an estimated $74.7 in debt and $53 million of new junior non-convertible preferred equity, subject to closing adjustments.

BurgerFi opened its first location in Lauderdale-by-the-Sea in 2011. Founded by Delray Beach restauranteur John Rosatti, the fast-casual burger chain has since expanded to 177 locations throughout the country.

Anthony's founder Anthony Bruno opened his first New York-style pizzeria in Fort Lauderdale in 2002. There are now 61 locations in eight states, including 28 in Florida.