Southridge Partners II (Formerly Southridge Capital) Enters Into A $5 Million Equity Purchase Agreement With Big Three Restaurants Inc.
Stephen Hicks, Chairman and CEO of Southridge, announced today that Southridge Partners II LP ("Southridge"), an institutional investor, has entered into a $5 million equity purchase agreement with Big Three Restaurants Inc. (OTCBB: BTHR), a company focused on development, expansion and on franchising of pizza and sports bar restaurant concept.
(Media-Newswire.com) - Stephen Hicks, Chairman and CEO of Southridge, announced today that Southridge Partners II LP ( "Southridge" ), an institutional investor, has entered into a $5 million equity purchase agreement with Big Three Restaurants Inc. ( OTCBB: BTHR ), a company focused on development, expansion and on franchising of pizza and sports bar restaurant concept.
Big Three Restaurants, Inc., ( formerly Bella Petrella's Holdings, Inc., ) purchased Philly Westshore Franchising and Bobby V's Westshore Pizza from its founder, on September 2, 2011. Westshore was established 18-years ago and currently has 33-franchise stores in the Tampa Bay Market and two franchise stores in Ohio with a territory agreement which calls for 20 additional stores to be opened over the next 19-years. A territory agreement has been signed for Georgia which calls for 10-stores to be opened over the next 7-years. The first Georgia store is scheduled to open in Atlanta in November 2012. Big Three Restaurants owns the flagship store located on Westshore Blvd in Tampa, Florida. The Company plans on devoting 100% of its time and resources on expanding the Westshore concept. The Company changed its name to reflect its focus which is the Pizza and Sports Bar Restaurant concept. Immediate development goals are to rollup many of the current Florida franchises and operate them as company owned stores. The company intends to use the new capital infusion by parent company, Big Three Restaurants, Inc., to improve marketing and increase revenues and profits in all the company owned stores and to increase brand awareness, allowing the expansion of the brand into new markets. Funds and support from the parent company with allow further development of the corporate infrastructure to support national expansion.
Southridge seeks investments in emerging growth areas, domestically and in international markets. Southridge has successfully participated in providing over $1.7 billion in capital to companies in the United States, Asia, Canada, the United Kingdom and Australia amongst other markets.
About Southridge Southridge is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies.
This story was released on 2012-09-25. Please make sure to visit the official company or organization web site to learn more about the original release date. See our disclaimer for additional information.