Yum Buys The Habit

Yum buys The Habit.
   
Yum Brands buys The Habit Burger Grill for $375 million.
   
Founded in 1969, The Habit Burger Grill offers made-to-order items char-grilled over an open flame. Most popular are char burgers, hand-filleted and marinated char-grilled chicken sandwiches, sushi-grade char-grilled ahi tuna sandwiches, fresh salads, and desserts. Its open kitchens, outdoor patios, natural light interiors, polished stone, and hardwood accents make for a balanced daypart mix of 50 percent lunch and 50 percent dinner. There are 270 company-owned and franchised restaurants in California, Arizona, Utah, New Jersey, Florida, Idaho, Virginia, Nevada, Washington, Maryland, Pennsylvania, North Carolina, South Carolina, and 7 locations in China. Cambodia is next.
   
David Gibbs of Yum Brands said: ‘We’ve emerged from our three-year transformation stronger and in a better position to speed up the growth of our existing brands and leverage our scale to unlock value from strategic acquisitions. As a fast-casual concept with strong unit economics, The Habit Burger Grill is a fantastic addition to the Yum family and has significant untapped growth potential in the US and internationally. With its delicious burgers and fresh proteins char-grilled over an open flame, The Habit Burger Grill offers consumers a diverse, California-style menu with premium ingredients at a QSR-like value. The transaction is a win-win because it allows us to offer an exciting new investment to our franchisees and to expand an award-winning, trend-forward brand through the power of Yum’s unmatched scale and strengths in franchising, purchasing, and brand-building.’
   
Russell Bendel of The Habit Burger Grill said: ‘Over the past years, we’ve focused on becoming a total access brand by growing our delivery business, expanding our online ordering and mobile channels and enhancing the in-store experience by introducing drive-thrus, kiosks, and technology-centric solutions for operations. We’re proud these and other actions have made The Habit Burger Grill an attractive candidate for a transaction of this kind. On behalf of The Habit Burger Grill Board of Directors, this transaction is an exciting new chapter to strengthen and grow The Habit Burger Grill by leveraging Yum Brands’ global scale, resources, and franchising capabilities. We’re confident the agreement delivers immediate value to The Habit Burger Grill shareholders and will greatly benefit our beloved brand, team members, franchisees, and loyal guests for years to come.’
   
BofA Securities served as financial advisor to Yum Brands. Mayer Brown served as legal advisor.
   
Piper Sandler served as financial advisor to The Habit Burger Grill. Ropes & Gray served as legal advisor.

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