GRAND RAPIDS, Mich. — HopCat is out of bankruptcy and back in business.
According to a release Tuesday, BarFly Ventures LCC – parent company of HopCat, Stella’s Lounge and Grand Rapids Brewing Company – has sold its assets for $17.5 million to Congruent Investment Partners and Main Street Capital. Now, the restaurants will run under new ownership.
“We know the business extremely well from our experiences over the last five years. We strongly believe in each restaurant concept and intend to return the company’s focus to providing a unique, best-in-class customer experience,” said Travis Baldwin, Founder of Congruent Investment Partners. “Our goal is to focus efforts around the company’s key markets and ensure HopCat, Stella’s and Grand Rapids Brewing Company remain a thriving part of these communities.”
Since filing for Chapter 11 bankruptcy earlier this year, BarFly has been focused on reopening its 11 locations and finding new ownership. According to the release, the company was rapidly expanding until COVID-19 hit. Since the onset of the pandemic, BarFly has been treading water.
“HopCat, Stella’s and Grand Rapids Brewing Company are important to both Grand Rapids and the state of Michigan,” said Nick Meserve, Managing Director of Main Street Capital. “We intend for these restaurants to succeed and very much believe the company can return to growth as the pandemic subsides. This is much-needed good news for the local community and restaurant industry as a whole.”
Currently, while sales are still down and seating restrictions are in place, the company is focusing on off-premise sales and restoring hours of operation across all locations.
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