Yum! Brands Strikes Deal for Habit Burger
Yum! Brands, Inc. has agreed to purchase The Habit Restaurants, Inc. for $14 per share in cash or a total of approximately $375 million. The deal is expected to close by the end of the second quarter.
The board of directors of The Habit Burger Grill unanimously approved the transaction.
The acquisition of The Habit Burger Grill will add an award-winning fast-casual concept with a loyal fan-base to Yum! Brands. Founded in California in 1969, The Habit Burger Grill has more than 270 locations in 13 states. It is known for its made-to-order items chargrilled over an open flame.
In recent years, The Habit Grill has invested in restaurant technology including expanding its online ordering, adding mobile ordering and kiosks, delivery and tech-centric solutions for operations.
Russell Bendel, President and Chief Executive Officer of The Habit Burger Grill, said, “This transaction represents an exciting new chapter to strengthen and significantly grow The Habit Burger Grill by leveraging Yum! Brands’ global scale, resources and franchising capabilities.”