OPES Acquisition Corp. (NASDAQ: OPES, OPESW) recently
announced plans to combine with BurgerFi International, one of
the nation’s fastest-growing restaurant concepts, with nearly 125
locations spanning across 23 states and two countries
internationally. The better burger concept has been on a strong
growth trajectory, with plans to open 15 restaurants this year.
BurgerFi’s resilience through the COVID-19 pandemic showcases the
company’s strengths for off-premise dining through tech-driven
delivery platforms.
DELIVERY
METRICS
Year-Over-Year Delivery Sales |
2019 vs 2020 |
January |
+41% |
February |
+30% |
March |
+35% |
April |
+61% |
May |
+111% |
June |
+65% |
Totals in 3rd Party Delivery YTD + In-House
App |
|
January 1, 2020 to June 30, 2020 |
|
|
• |
428,000+ orders |
|
|
• |
$10.9 million total sales |
|
|
• |
+32% in order volume |
|
|
• |
+60% in sales volume |
|
In addition to partnerships with DoorDash,
GrubHub, Postmates and UberEats, as a technology-enhanced brand,
BurgerFi has developed its own app for third-party delivery.
BurgerFi has been able to connect with customers in a meaningful
way through the app’s bespoke loyalty program tailored to reward
users with personalized offers based on their preferences and order
history. The app’s delivery is fueled by Olo, whose on-demand
delivery network has enabled BurgerFi to lower delivery fees for
its customers and have greater control over transit time and
delivery providers. By utilizing the integrated network of
third-party delivery vendors, BurgerFi has allowed third-party
delivery apps that do not feature BurgerFi to be included in the
pool to bid for their business. This ensures customers have access
to the best available delivery couriers for the quickest
service.
“BurgerFi has continuously looked for ways to
enhance the customer experience,” said Charlie Guzzetta, President
of BurgerFi. “Through our investment in technology we have been
able to strategically anticipate and execute against the current
industry-wide changes. This investment in technology, complemented
by strong partnerships with third-party delivery services,
has served BurgerFi well during the crisis and will help us
continue on our path of redefining the way the world eats
burgers.”
From BurgerFi’s exclusive customized LevelUp
ordering app to the in-restaurant Oracle digital ordering kiosks,
BurgerFi uses over 20 different technology platforms to streamline
its business. BurgerFi is favorably positioned to capitalize on
omni-channels by optimizing its takeout and delivery platforms for
superior performance and profitability.
The 125-location burger concept appreciates this
trend as it continues to reach new customers through technology.
Serving a “better burger” made with 100% natural American Angus
beef that has never been exposed to any growth hormones, steroids,
antibiotics, chemicals or additives, BurgerFi is a consistently
high-quality meal. The beef burgers coupled with the award-winning
VegeFi® burgers, vegan Beyond Burgers (100% plant-based), and
free-range all-natural Springer Mountain Farms chicken, Snake River
Farms Wagyu beef hotdogs, fresh-cut Idaho potato fries, double
beer-battered colossal onion rings, and premium custards and shakes
create a craveable real food menu full of premium all-natural
ingredients that keep customers coming back for more.
“As BurgerFi evolves with the world’s climate,
it has stayed committed to innovation and technology as core
cultivating principals to drive its success in the booming
‘better-burger’ space,” said Ophir Sternberg, Chairman & CEO of
OPES. “Given BurgerFi’s strong foundation as a company and dynamism
as a brand, we believe that BurgerFi is positioned for rapid growth
and are looking forward to taking BurgerFi to the next level and
beyond. Our team is thrilled to support BurgerFi’s exciting growth
initiatives. Its technology-driven business and highly-scalable
model continue to position it for significant shareholder value
creation.”
Last month BurgerFi opened its first
delivery-only kitchen in downtown Miami in partnership with REEF.
At its debut, BurgerFi immediately broke sales records for a new
concept in a REEF neighborhood kitchen. 15 REEF neighborhood
kitchens are planned by the end of the year, including several more
Miami locations, as well as new markets including Seattle, Houston,
Nashville and Minneapolis. Additional markets are scheduled for
2021.
Given the fast growth of on-demand food
delivery, REEF Technology has created delivery-only neighborhood
kitchens, otherwise known as ghost kitchens, as a key component of
their hubs. REEF Kitchens is a national network of 85+ neighborhood
kitchens across 18 cities that allow food entrepreneurs, local
restaurants, and national restaurant brands to open and quickly
expand their delivery businesses. REEF Kitchens lower the barriers,
costs, and burdens for restaurants and is helping to bring fresh,
healthy, responsible and chef-driven food to local
neighborhoods.
OPES announced last week it reached a definitive
agreement to merge with BurgerFi and anticipates closing the
transaction in the third quarter 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 BurgerFi
Established 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 Acquisition Corp. (NASDAQ: OPES, OPESW)
(“OPES” or the “Company”) and BurgerFi International, LLC
(“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
in respect of the current solicitation of OPES’s stockholders with
respect to the proposed transaction between OPES and BurgerFi (the
“Business Combination”). Information about OPES’s directors and
executive officers and their ownership of OPES ordinary shares is
set forth in the proxy statement for OPES’s recently completed
special meeting. This document can be obtained free of charge from
the sources indicated below. Updated information will be provided
in the proxy statement to be filed in connection with the Business
Combination.
OPES will mail a proxy statement to stockholders
relating to the Business Combination. 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 proxy statement and other relevant materials in
connection with the Business Combination, 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 OPES annual report on Form 10-K filed with the
SEC on March 30, 2020 and 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 security holder approvals,
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 RelationsCody Slach (949)
574-3860OPES@GatewayIR.com |
OPESAshley
Spitz, ashley@opesacquisitioncorp.com |
|
|
Media Relations Contact: |
BurgerFi InternationalCrystal Rosatti,
crystal@burgerfi.com |
|
|
Allison + Partners Public RelationsNatalie
Kelley, natalie@allisonpr.com |
|
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