OPES Acquisition Corp.’s (NASDAQ: OPES) business combination
target, BurgerFi International, one of the nation’s fastest-growing
premium fast-casual concepts with approximately 125 locations
spanning across 23 states and two countries internationally, has
signed letters of intent (LOI) for 30+ new units. In addition to
the signed LOIs, the better-burger brand has nine new stores
scheduled to open before the end of the year.
As part of BurgerFi’s aggressive growth plans,
the brand has signed LOIs for 18 new locations in its home state of
Florida and an additional 12 more outside of Florida, including a
mix of traditional and non-traditional units. The expansion news
comes on the heels of BurgerFi’s partnership with REEF Technology
to open ghost kitchens – delivery-only neighborhood kitchens – in
new markets across the U.S.
“This development represents an exciting first
step in solidifying brand recognition in key markets where BurgerFi
already has a strong presence and we believe that it primes the
path for our strategic vision to continue our market expansion,”
said Ophir Sternberg, Chairman & CEO of OPES Acquisition Corp.
“Franchisees have been doubling down on their investment and
looking to expand their footprint.”
Scheduled Restaurant Openings through the Remainder of 2020 |
September |
Lake Nona, FL and Towson, MD |
October |
Miami, FL and Lexington, KY |
November |
Boca Raton, FL and Henderson, NV |
December |
St. Petersburg, FL; Palm Beach Gardens, FL; and Columbia, MD |
“We are thrilled that our plans to grow the
BurgerFi family of restaurants is well underway,” said Charlie
Guzzetta, President of BurgerFi. “As we make progress in our
business combination with OPES, our team is ready for a promising
fourth quarter in unit growth and an impressive pipeline in 2021
for new openings.”
State |
# of LOIs |
Florida |
18 |
Kentucky, New Jersey, Connecticut, Tennessee |
4 |
Maryland |
3 |
Oregon |
3 |
Texas |
2 |
Manuel Sánchez Ortega, a multi-unit BurgerFi
franchisee based in the DC-MD-VA area, and an active member of the
BurgerFi Franchise Advisory Council, has elected to expand the
group’s territory to include five more restaurants in addition to
the five they currently own and operate. In September, they will
open a new location in Towson, MD and another in Columbia, MD
shortly thereafter. Sánchez Ortega is one of many existing BurgerFi
franchisees who is expanding and reinvesting in BurgerFi’s growth
since news of the merger.
“We believe the eagerness to expand is
indicative of not only BurgerFi’s performance, but also our strong
relationships with our franchise community,” noted BurgerFi’s
President Charlie Guzzetta.
“Being part of the BurgerFi team has been a very
rewarding experience,” said Manuel Sánchez Ortega. “I
have seen first-hand how happy the guests are with the quality of
the food, and how it meets the needs of the next generation of
consumers who demand transparency and better-for-you ingredients.
I'm very excited to grow my group of restaurants during this new
phase of development for the entire BurgerFi family.”
BurgerFi is also expanding its international
presence with a recent uptick in franchise inquiries and a newly
signed six-unit term sheet for Saudi Arabia (KSA) – Eastern
Province, further expanding the brand’s footprint in the Gulf
Cooperation Council (GCC). OPES and BurgerFi are currently on track
to merge in Q4 of 2020.
About OPES Acquisition
Corp.OPES Acquisition Corp. (NASDAQ: OPES, OPESW) is a
special purpose acquisition company headquartered in Miami and
organized for the purpose of effecting a merger, asset acquisition,
stock purchase or other similar business combination with one or
more businesses or entities. For more information, please visit
www.opesacquisitioncorp.com.
About BurgerFiEstablished in
2011, BurgerFi is among the nation’s fastest-growing better burger
concepts with approximately 125 BurgerFi restaurants domestically
and internationally. The concept was chef-founded and is committed
to serving fresh food of transparent quality. BurgerFi uses 100%
natural American Angus beef with no steroids, antibiotics, growth
hormones, chemicals or additives. BurgerFi placed in the top 10 on
Fast Casual’s Top 100 Movers & Shakers list in 2020, was named
“Best Burger Joint” by Consumer Reports and fellow public interest
organizations in the 2019 Chain Reaction Study, listed as a “Top
Restaurant Brand to Watch” by Nation’s Restaurant News in 2019,
included in Inc. Magazine’s Fastest Growing Private Companies
List, and ranked on Entrepreneur’s 2017 Franchise 500. To
learn more about BurgerFi or to find a full list of locations,
please visit www.burgerfi.com, ‘Like’ BurgerFi on Facebook or
follow @BurgerFi on Instagram and Twitter.
Disclaimer
OPES and BurgerFi, and their respective
directors, executive officers and employees and other persons may
be deemed to be participants in the solicitation of proxies from
the holders of OPES common stock with respect to the proposed
transaction between OPES and BurgerFi (the “Business Combination”).
Information about OPES’s directors and executive officers and their
current ownership of OPES’s shares of common stock is set forth in
the definitive proxy statement on Schedule 14A dated August 31,
2020 for OPES’s special meeting to be held on September 15, 2020,
filed with the Securities and Exchange Commission (the “SEC”), as
modified or supplemented by any Form 3 or Form 4 filed with the SEC
since the date of such filing. Other information regarding the
interests of the participants in the proxy solicitation will be
included in the proxy statement pertaining to the Business
Combination when it becomes available. These documents can be
obtained free of charge from the sources indicated above.
In connection with the Business Combination,
OPES will file relevant materials with the SEC, including a proxy
statement on Schedule 14A. Promptly after filing its definitive
proxy statement relating to the Business Combination with the SEC,
OPES will mail the definitive proxy statement and a proxy card to
each stockholder entitled to vote at the special meeting relating
to the Business Combination, and other proposals. INVESTORS AND
SECURITY HOLDERS OF OPES ARE URGED TO READ THESE MATERIALS
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS IN CONNECTION WITH THE BUSINESS COMBINATION THAT
OPES WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT OPES, BURGERFI, AND THE
BUSINESS COMBINATION. The preliminary proxy statement, the
definitive proxy statement and other relevant materials in
connection with the Business Combination (when they become
available), and any other documents filed by OPES with the SEC, may
be obtained free of charge at the SEC’s website (www.sec.gov) or by
writing to OPES at: 4218 NE 2nd Avenue, Miami, FL 33137.
Forward-Looking Statements:
This press release includes forward-looking
statements that involve risks and uncertainties. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements, including the identification of a
target business and potential business combination or other such
transaction, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
These risks and uncertainties include, but are not limited to,
those factors described in the section entitled “Risk Factors” in
the annual report on Form 10-K filed by OPES on March 30, 2020.
Important factors, among others, that may affect actual results or
outcomes include: the inability to complete the proposed
transaction; the inability to recognize the anticipated benefits of
the proposed transaction, which may be affected by, among other
things, the amount of cash available following any redemptions by
OPES stockholders; the ability to meet Nasdaq’s listing standards
following the consummation of the proposed transaction; and costs
related to the proposed transaction. Important factors that could
cause the combined company’s actual results or outcomes to differ
materially from those discussed in the forward-looking statements
include: BurgerFi’s limited operating history; BurgerFi’s ability
to manage growth; BurgerFi’s ability to execute its business plan;
BurgerFi’s estimates of the size of the markets for its products;
the rate and degree of market acceptance of BurgerFi’s products;
BurgerFi’s ability to identify and integrate acquisitions;
potential litigation involving OPES or BurgerFi or the validity or
enforceability of BurgerFi’s intellectual property; general
economic and market conditions impacting demand for BurgerFi’s
products and services; and such other risks and uncertainties as
are discussed in the proxy statement to be filed relating to the
Business Combination. Other factors include the possibility that
the proposed Business Combination does not close, including due to
the failure to receive required stockholder approval, or the
failure of other closing conditions.
OPES expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company’s expectations with
respect thereto or any change in events, conditions or
circumstances on which any statement is based.
Investor Relations Contact: |
Company Contacts: |
|
|
Gateway Investor Relations |
OPES |
Cody Slach |
Ashley Spitz, ashley@opesacquisitioncorp.com |
(949) 574-3860 |
|
OPES@GatewayIR.com |
BurgerFi International |
|
Crystal Rosatti, crystal@burgerfi.com |
|
|
Media Relations Contact: |
|
|
|
Allison + Partners Public Relations |
|
Natalie Kelley, natalie@allisonpr.com |
|
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