BL Development Group Has Sold Its Restaurant Operating Assets to Bar Louie Restaurant Operations
HOUSTON, September 19, 2017 -- GulfStar Group ("GulfStar") is pleased to announce that the Restaurant Operating Assets of BL Development Group, LLC ("BLDG" or the "Company") have been acquired by Bar Louie Restaurant Operations, LLC ("Bar Louie"). GulfStar served as the exclusive financial advisor to BLDG throughout the transaction, which closed on August 30, 2017.
Founded in 2008, BLDG is a multi-unit franchisee of Bar Louie in the Michigan, Tennessee, Alabama and Florida markets, and is majority-owned and managed by Anthony Marougi and Zubin Antia, successful entrepreneurs with significant restaurant operating experience.
"The BLDG team is very excited about the outcome of this transaction, as it enables Bar Louie to incorporate eight of the franchise system's leading units back into the corporate system, and provides us with a fresh development agreement and ample capital to go out and develop new Bar Louie stores in exciting geographies," said Anthony Marougi, Co-CEO of BLDG.
"We want to thank all of BLDG's talented employees for their extraordinary dedication to our business and to the Bar Louie brand," added Zubin Antia, Co-CEO of BLDG. "We stand convinced that Bar Louie will continue to reward their efforts and intensity, as we have over the last 10 years, and that many opportunities for professional advancement will quickly emerge from this transaction."
Founded in 1990 and headquartered in Dallas, Texas, Bar Louie is a truly unique neighborhood bar and eatery with handcrafted cocktails, a featured selection of local and regional beers with over 20 taps, unique wines and craveable food in an inviting, urban atmosphere. With more than 110 locations across the country, Bar Louie combines the consistency of a national brand with local appeal. No two Bar Louie restaurants are alike, but each has a modern, relaxed vibe that expresses the brand's identity.
"It was a distinct pleasure working with the talented and tireless BLDG team on this successful transaction," said Scott Winship, Managing Director of GulfStar. "Over the last decade, BLDG has built a strong, multi-geographical system that ranks very highly across all measured performance metrics within Bar Louie. Ownership has done a remarkable job in creating a performance and service culture inside of BLDG that has resulted in high customer loyalty and repeatability. This success is very clearly driven from the top, and we'd like to applaud Zubin, Anthony, Ted McCarthy (CFO), Emily Huot (General Counsel) and Tammy Troy (Controller) for their obvious dedication and collective contribution to the business."
The GulfStar transaction team consisted of Managing Director Scott Winship and Vice President Ben Stanton. Randall Denha, Esq. of Denha & Associates served as the Company's lead legal advisor, and Robert Kouza of Plante Moran advised on tax matters.
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About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 650 transactions in 33 states and 15 foreign countries across a variety of industries.