Buffalo Wild Wings has exercised its right of first refusal to acquire substantially all of the assets of Alamowing Development, LLC, B III Wing, LLC, RioWing Development, LLC, AlamoWing NM Partners, LLC, AlamoWing NM Partners II, LLC, Southseas Wings, LLC and certain subsidiary and affiliated operating entities.
According to the transaction, Buffalo Wild Wings’ total assets to be acquired consist primarily of 38 existing Buffalo Wild Wings® restaurants. These restaurants are located in key areas in the states of Texas, New Mexico and Hawaii. Aside from these, 3 Buffalo Wild Wings restaurants under development in New Mexico and Hawaii are also part of the deal. The total purchase price for the assets is approximately $160 million.
Buffalo Wild Wings is an American dining restaurant and over the years it has evolved from serving the most popular wild wings menu to a more casual dining atmosphere. It is now a sports bar franchise that is not just found in the US but also in Canada, Mexico and in the Philippines.
The acquisition of the restaurant branches are subject to negotiation and execution of a final purchase agreement and certain regulatory approvals, including a filing under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. After the purchase agreement has been executed, the transaction will be closed but the end of the third quarter of the year.
Sally Smith, President and Chief Executive Officer, commented: “We believe that the acquisition of these Buffalo Wild Wings locations will provide our shareholders with additional long-term net earnings growth. In the transition to company-owned locations, we anticipate incurring $5 million in one-time expenses. Updates to the timing and financial impact of the acquisition will be provided in our second quarter earnings announcement in late July 2015. We are excited to acquire these well-run locations.”
About Buffalo Wild Wings
Buffalo Wild Wings is an American casual dining restaurant and sports bar franchise in the United States, Canada, México and The Philippines. The house specialty is spicy chicken wings and delicious sauces. The franchise has become a popular venue for watching live sporting events.
Jim Disbrow and Scott Lowery founded Buffalo Wild Wings. The two came up with the idea one weekend when they got together in Kent, Ohio. Disbrow was to judge an amateur figure skating competition at Kent State University in 1980. The two have decided to open up their own restaurant in Columbus, Ohio, and then in Westerville, Ohio.
Originally called Buffalo Wild Wings & Weck, from which the abbreviation bw-3 was created. It was in 1990 when Buffalo Wild Wings & Weck began to franchise. As of February 2015, the restaurant had 1070 locations (485 directly owned by the company, and 585 franchised locations) across all 50 states in the US. An alternate nickname in recent usage by the company is B-Dubs. The corporate headquarters was located in Cincinnati, Ohio until 1997 before moving to Minneapolis, Minnesota. In 2010, the Buffalo Wild Wings company announced an expansion into Canada. In February 2012, Buffalo Wild Wings reported $495 million in total assets. Buffalo Wild Wings stock market evolution: http://www.marketwatch.com/investing/stock/bwld
About Alamowing Development, LLC
Alamowing Development, L.L.C. filed as a Domestic Limited Liability Company (LLC) in the State of Texas. Alamowing Development, L.L.C. also lists another corporation as a key member of the company. Alamowing Development, L.L.C. serves as Manager.
About Sally J. Smith
Sally J. Smith is President and Chief Executive Officer of Buffalo Wild Wings, Inc. Sally Smith was born in Sioux Falls, South Dakota. She graduated from the University of North Dakota in 1979, with a degree in Bachelor of Science in Business Administration and Accounting. Smith has experience with KPMG Peat Marwick. She was with the company for 11 years at their office in Dahlberg, Inc. Smith’s last post was Chief Financial Officer. Smith started working at Buffalo Wild Wings in 1994 as the Chief Financial Officer. She was promoted two years after as President and CEO in 1996. Buffalo Wild Wings then had only 70 locations. Sally Smith played a vital role in the development and growth of Buffalo Wild Wings and while she has been at the company, it has expanded from 35 locations in 1994 to 751 as of March 2011. She has also served as chair of the National Restaurant Association. Smith is the daughter of Dick Wold, who was the leader of First National Bank of Grand Forks, which is now Alerus Financial.
