BTBD - BT Brands acquires founder's stake in Bagger Dave's for ~$1.3M

BT Brands (NASDAQ:BTBD) said Thursday it acquired ~11.1M shares (41.4%) of Bagger Dave's Burger Tavern for ~$1.3M, or ~$.114/share, from its founder and CEO Michael Ansley. Ansley agreed to cancel all voting preferred shares prior to completing the sale to BTBD. On closing, Bagger Dave's current directors - including Ansley - resigned, and its board along with representatives of BTBD will assume those roles. Bagger Dave's Burger Tavern owns and operates Bagger Dave's, a casual restaurant and bar concept. "Our Bagger Dave's investment allows BT Brands to immediately expand in the casual dining market with 6 restaurants generating a positive cash flow," BTBD CEO Gary Copperud.

For further details see:

BT Brands acquires founder's stake in Bagger Dave's for ~$1.3M