Hopdoddy Acquires a Texas Burger Joint
Austin's Hopdoddy Burger Bar has acquired Grub Burger Bar, an 18-unit, Bryan, Texas-based brand that serves burgers, hand-spun shakes and cocktails.
Terms of the transaction were not disclosed, but the agreement forms HiBar Hospitality Group, which is backed by L Catterton and will be led by Hopdoddy CEO Jeff Chandler. Grub founder and CEO Jimmy Loup will retain a stake in the combined business and join the company's board of directors, according to a company press release.
Hopdoddy, which has 32 units and has been part of the L Catterton family since 2014, is expanding in its core markets at a continued pace of eight to 12 units per year.
"We're thrilled to join forces with Grub, a high-quality and complementary brand that we have admired for years," Chandler said in the release. "We have much in common, from our team-centric cultures and commitment to people, to exciting menus and a tireless focus on the guest experience. We think very much alike and share a long-term vision, which will serve us well as we come together and embark on our next stage of growth."
Hopdoddy and Grub now operate 50 restaurants combined, with 31 restaurants in Texas and plans for continued growth both in the Lone Star State and in other key markets. With Grub locations stretching as far east as Georgia and Florida, the transaction extends the company's combined geographic footprint into an area of the country that is ripe for expansion, Chandler said.
"As Jeff and I quickly learned after spending time together, we have shared values, objectives and nearly identical operating philosophies," Loup said in the release. "For Grub, this is all about adding talent and expertise to our team, benefiting from new shared opportunities, rewarding our loyal investors, and moving back into growth mode again. It's going to be a lot of fun growing together and bringing the best of both brands to our mutual guests as well as reaching a whole new group of burger fans."