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Slide #73. Luby's, Inc. — Membership Units of Paradise Restaurants Group LLC
Luby's, Inc. (NYSE:LUB)
Membership Units of Paradise Restaurants Group LLC
Luby's, Inc., owner of Luby's Cafeterias and Fuddruckers brands, today announced that it closed on the purchase all of the Membership Units of Paradise Restaurants Group LLC, and certain of their affiliates (collectively known as, "Cheeseburger in Paradise") through a wholly-owned subsidiary for approximately $11 million in cash plus customary working capital adjustments. The purchase was funded primarily from drawing on Luby's existing credit facility. Luby's is now the operator of 23 Cheeseburger in Paradise full-service restaurant locations that span 14 states.
Luby's is a multi-branded company operating in the restaurant industry and in the contract food services industry. Co. has three segments: company-owned restaurants, which its primary brands include Luby's Cafeteria, Fuddruckers - World's Greatest Hamburgers®, and Cheeseburger in Paradise, and is a casual dining restaurants; culinary contract services, which consists of a business line servicing healthcare, sport stadiums, corporate dining clients, and sales through retail grocery stores; and franchise operations, which provides franchises for the Fuddruckers brand.
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