This Adored Restaurant Chain Just Got Saved From Bankruptcy
Congruent Investment Partners and Main Street Capital recently bought Hopcat for $17.5 million along with sister establishments Grand Rapids Brewing Company and Stella's. The new business has been named Project BarFly.
"The company was worth saving," Project BarFly CEO Ned Lidvall told Eat This, Not That! "We have resilient restaurants, phenomenal staff, and strong community ties. We will rebound."
As reported by Eater Detroit, previous owner BarFly Ventures filed for Chapter 11 bankruptcy protection in June to allow Hopcat to "financially restructure its business and come up with a plan to theoretically stay open." According to the outlet, Hopcat launched an aggressive expansion in 2015, with plans to open 30 new gastropubs. Eleven locations are currently open or in the process of reopening in the Midwest. (Related: 9 Restaurant Chains That Closed Hundreds of Locations This Summer)
"We know the business extremely well from our experiences over the last five years. We strongly believe in each restaurant concept and intend to return the company's focus to providing a unique, best-in-class customer experience," Travis Baldwin, founder of Congruent Investment Partners, said in a statement to Restaurant Business News. "Our goal is to focus efforts around the company's key markets and ensure HopCat, Stella's, and Grand Rapids Brewing Company remain a thriving part of these communities."
To stay abreast of all restaurant chain closures, be sure to sign up for our newsletter.