For over two decades, WingHouse Bar & Grill has been a staple for wings, booze and themed "Dress to impress" nights where their servers can ditch the pantyhose for costumes.
The 24-location concept originated in Largo back in 1994, and according to the TBBJ, it's about to change ownership after Jacksonville-based restaurant holding company ARC Group purchased the chain for a deal worth $18 million in cash and stock.
TBBJ says that ARC Group, which is the parent company of North Florida's Dick's Wings and Grill, is looking to aggressively expand its national footprint. WingHouse is the prime candidate to help the company do so.
"We are excited to add WingHouse Bar & Grill to our portfolio due to its established regional presence within a compelling segment, as we continue to aggressively expand our national footprint,” Seenu G. Kasturi, CEO of ARC Group, said in a press release. “This transaction should provide us with significant scale as we project ARC Group's combined annualized revenue will now exceed $70 million. Additionally, we expect this acquisition to immediately begin contributing to our operating cash flow."
ARC Group will also acquire all the assets of Soaring Wings, the parent company to WingHouse, making the former majority owner of Soaring Wings.
Third Lake Capital, which was the majority owner of Soaring Wings, will transition into a major ARC group shareholder.
“We had a good run. It was profitable,” Third Lake Capital CEO Ken Jones told TBBJ. “We grew the business and we felt it was the right time to exit because we found a very good strategic partner who would take the business to the next level.”