BBQ Holdings is adding a bunch of new chains to its menu.
The acquiring owner of Famous Dave’s, Granite City and Village Inn, among others, won the bankruptcy auction of Fresh Acquisitions, also known as Buffets LLC, owner of the six-unit steakhouse chain Tahoe Joe’s, for $ 5.2 million, according to court filings.
But BBQ will also require the intellectual property of several buffet chains that no longer work, including Old Country Buffet, HomeTown Buffet, Ryans, and several more.
BBQ Holdings pays $ 4.2 million for the chain plus $ 1 million in assumed liabilities. The company outbid the bidder, Serene Investment Management, an investment firm that had bid for $ 4.2 million and had the option of taking over the business.
The court has yet to approve the deal. But the company was relisted after a court denied a previous sale of the company to VitaNova Brands for a $ 3.2 million credit offer. Some creditors of the Buffet Concepts had criticized the agreement on the relationship between VitaNova and Fresh Acquisitions and the pre-bankruptcy payments, among others.
Serene was picked as Fresh Acquisitions’ new stalking horse last month and the auction has been ramped up.
It’s unclear what the deal might mean for some of the shuttered buffet chains. Fresh Acquisitions is a compilation of several different concepts that at one point were a 650-unit buffet empire in 2006. The company has filed for bankruptcy several times under its former owner, FMP Management, and has fallen back on d ‘other companies in the process, including Furr’s, which FMP bought out of bankruptcy in 2015.
Fresh Acquisitions declared bankruptcy in April, dropping to 6 open units, all Tahoe Joe’s, along with a redesigned Furr’s concept expansion plan.
BBQ Holdings, however, has been on a buying spree. The company bought Granite City Food & Brewery out of bankruptcy before the pandemic and over the summer spent $ 13.5 million to buy family-owned restaurant chains Village Inn and Bakers Square.