Red Robin Gourmet Burgers to buy restaurants in U.S., Canada
The acquisition is expected to close late summer 2014 pending completion of certain closing conditions.
The 14 U.S. restaurants, currently owned by Mach Robin, LLC, are located in Illinois, Idaho, Nevada, New Mexico and Utah. The 18 Canadian restaurants, currently owned by Mach Robin, LLC's Canadian affiliate, are located in the provinces of British Columbia and Alberta, where Red Robin franchises have been operating since 1985.
The current owners are subsidiaries of 5B Investments, Inc. The Company plans to maintain the corporate office in Vancouver. The acquired restaurants are expected to generate combined annual revenues of approximately $88 million.
All of the Red Robin restaurants being acquired will remain open for business during the transition. ■