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Salt Lake City – American Restaurant Concepts, Inc., operator and franchisor of Dick's Wings & Grill restaurants, has acquired a 50 percent interest in Wing Nutz, which is based in Salt Lake City.
Wing Nutz currently has 10 restaurants in Utah and one restaurant in Idaho, with an additional restaurant about to open in Utah and one in Las Vegas, Nev. Under the terms of the deal, ARC acquired a 50 percent ownership interest in Paradise on Wings Franchise Group, LLC, which is the franchisor of the Wing Nutz restaurants and owner of the Wing Nutz intellectual property, in return for a combination of cash and stock. In a separate but related transaction, Blue Victory Holdings, a Louisiana-based private equity firm, acquired a 50 percent ownership interest in Wing Nutz Development, LLC, which holds the operating assets and liabilities associated with running the Wing Nutz franchisees.
“We are pleased to have acquired a significant ownership stake in Wing Nutz as part of our strategy to drive growth and shareholder value by expanding into other brands," said Richard Akam, CEO of American Restaurant Concepts.
"ARC is a superb company that is run by an outstanding group of industry veterans," stated William Miller, Manager of Wing Nutz. "We are excited to have entered into this arrangement with American Restaurant Concepts and to continuing to expand our Wing Nutz brand throughout the United States."