Noodles & Company Announces Agreement to Acquire Sixteen Franchised Locations
BROOMFIELD, Colo., May 27, 2014 (GLOBE NEWSWIRE) -- Noodles & Company
(Nasdaq:NDLS), serving classic noodle and pasta dishes from around the world,
today announced it has entered into an agreement to purchase 16 franchised
Noodles & Company restaurants for approximately $13.4 million. The acquisition
is expected to close in early July 2014.
The 16 locations included in the agreement, operated by long-time franchise
partner, Sagamore Dining Partners, LLC, are located primarily in the greater
Indianapolis area. All of the Noodles & Company restaurants being acquired
will remain open for business during the transition.
"Mike Lamb and his team at Sagamore Dining Partners have done an outstanding
job of establishing the Noodles & Company brand in Indianapolis over the past
eight years," stated Kevin Reddy, Chairman and Chief Executive Officer of
Noodles & Company. "The successful restaurants they have built and operated
are extremely well-run and we look forward to adding them to our portfolio of
company-owned restaurants in neighboring markets."
Sagamore Dining Partners, LLCexpanded their development agreement with
Noodles & Company earlier this year to include the exclusive right to open
Noodles & Company restaurants in the greater Louisville, KY metro area. The
agreement with Noodles & Company to sell their Indianapolis locations will
strengthen Sagamore Dining Partners, LLC's financial resources for the
development of their new franchise territory. The first location in Louisville
is anticipated to open in late 2014.
About Noodles & Company
Founded in 1995, Noodles & Company is a fast-casual restaurant chain that
serves classic noodle and pasta dishes from around the world with 394
locations system-wide in 30 states and the District of Columbia as of April 1,
2014. Known as Your World Kitchen, Noodles & Company's globally inspired menu
consists of more than 25 fresh, customizable noodle bowls, salads, soups and
sandwiches that are prepared quickly using quality ingredients. From healthy
to indulgent, spicy to comforting, the menu provides favorites for everyone
from kids to adults. Popular dishes include the Med Salad with grilled
chicken, spicy Indonesian Peanut Sauté and creamy Wisconsin Mac & Cheese.
About Sagamore Dining Partners, LLC
Founded in 2004, Sagamore Dining Partners, LLCis led by founder and Chief
Executive, Mike Lamb. Sagamore Dining Partners, LLCfocuses on giving back to
the communities in which they operate by partnering with numerous non-profit
organizations focused on feeding the hungry, including Second Helpings and No
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