Diversified Restaurant Holdings, Inc., a restaurant management company, announced that the company has signed a letter of intent to purchase nine Buffalo Wild Wings restaurants, which includes six locations in Michigan and three locations in Florida. The companyâ€™s Board of Directors approved this agreement at its July 30, 2009 meeting.
Founded in 1982 and headquartered in Minneapolis, Minnesota, Buffalo Wild Wings is an owner, operator and franchisor of neighborhood restaurant / bar style establishments. Over the past 27 years, the concept has established widespread appeal as an inviting, neighborhood destination with more than 600 restaurants in over 40 states nationwide.
T. Michael Ansley, president and chief executive officer of Diversified Restaurant Holdings, Inc, stated, â€œOver the last two years our company has experienced dramatic growth increasing from $3.4 million in 2007 to $11.6 million in 2008.â€ He continued, â€œWith this acquisition scheduled for August 1, 2010, we will acquire nine restaurants whose combined sales in 2008 were over $24 million. When this acquisition is completed, our Buffalo Wild Wings wholly owned restaurants will have expanded from two in 2007 to 19 in 2010.â€