A non-public fairness agency has scooped beer bar chain Hopcat out of chapter. Under the entity Project BarFly LLC, Congruent Investment Partners and Main Street Capital purchased the restaurant chain and its sibling institutions Stella’s and Grand Rapids Brewing Company for $17.5 million.
Facing mounting debt and a difficult, pandemic-strained 2020 economic system, Hopcat’s mum or dad firm BarFly Ventures filed for Chapter 11 chapter safety in June. In 2020 alone, the chain has closed three restaurant places in Royal Oak; Port Saint Lucie, Florida; and St. Louis, Missouri.
Currently, Hopcat operates 11 places within the Midwest, all of that are open or within the course of of reopening for in-person and carryout service. Both Congruent and Main Street Capital had been earlier lenders to BarFly Ventures going again to 2015 when the corporate started its speedy growth throughout the U.S. with plans for 30 gastropubs.
“The whole management team and I are very excited about the new owners,” Ned Lidvall, Project BarFly’s CEO, says in a launch. “We think it’s a great fit for the company, and the energy and collaboration they bring will only enhance our recovery and growth.”
• Midwest Beer Bar Chain Hopcat Files for Bankruptcy Protection as Rent Bills Pile Up [ED]
Brenna Houck – detroit.eater.com