Diversified Restaurant plans new debt financing for buyout by ICV

By Sara Rosenberg

New York, Nov. 6 – Diversified Restaurant Holdings Inc. has received a commitment for debt financing to help fund its acquisition by ICV Partners LLC and to repay an existing credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Other funds for the transaction will come from equity.

Under the agreement, Diversified Restaurant is being bought for $1.05 per share in cash, or about $130 million, including the assumption of outstanding debt and transaction expenses.

Closing is expected by the end of 2019 or early 2020, subject to stockholder approval and other customary conditions.

Diversified Restaurant is a Troy, Mich.-based franchisee for Buffalo Wild Wings with 64 franchised sports bars in Florida, Illinois, Indiana, Michigan and Missouri.

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