NoHo Partners announced 3 April that the acquisition will proceed. In their stock exchange release NoHo Partners said they expect Friends & Brgs to bring added potential to the company’s digital and takeaway sales.
In February it was announced that the restaurant company NoHo Partners would acquire a share majority of Friends & Brgrs. The hamburger restaurant chain, hailing from Pietarsaari, raised close to 1M€ in 2016 on Invesdor’s platform to fund their international growth.
The investment market has seen uncertainty recently due to the coronavirus crisis. On 3 April NoHo Partners, however, confirmed in their stock market release that the acquisition will proceed with separate financing. With the deal, the retail investors that took part in the equity issue in 2016 have the possibility of making a profit on the deal. As per Helsingin Sanomat, investors were offered €30 per share if they sold all their shares, a higher price than the €24.5 per share in the 2016 equity issue. Investors had the chance to accept the offer in cash or in NoHo Partners shares.
“We are very happy for this exit on behalf of both the investors as well as the company”, Invesdor CEO Michael A. Koch comments. “It has been a great joy and honor to have been a small stepping stone for Friends & Brgs on their way to this success. Especially in times like these, it is uplifting to see good news and brave solutions.”
Friends & Brgrs has now ten restaurants. When the acquisition was first announced, NoHo Partners talked about their plans to grow the chain in the coming years to the size of 30-50 restaurants. Their plans include also a restaurant that focuses completely on preparing home-delivery orders and that would have no tables for eating on location.
Invesdor sends it congratulations to Friends & Brgrs, NoHo Partners and the retail investors. We hope to see the chain rise to a great new challenger on the national level in the burger business!