Fuddruckers Parent Buying Cheeseburger in Paradise
Luby’s Inc., which purchased burger chain Fuddruckers two years ago, came back for seconds this week, announcing it will acquire the 23-unit Cheeseburger in Paradise chain. Houston based Luby’s will pay $11 million plus “customary reimbursements for cash-on-hand, inventory, and accounts receivable offset by liabilities assumed at closing.” Prior-year revenues for those Cheeseburger in Paradise locations were roughly $50 million.
In 2010, Luby’s paid $63.5 million for the 59 company-owned Fuddruckers (with 129 franchised) plus three Koo Koo Roo California Kitchen units.
Source: Burger Business