Good Times Restaurants Inc. (GTIM): M&A transaction — Good Times Restaurants acquires remaining interests in five Bad Daddy's Burger Bar joint ventures for $4.4M

Good Times Restaurants Inc.

Aggregate cash purchase price of $4,394,205 funded from cash reserves; five locations in NC and SC now wholly-owned.
Credit facility amended to extend maturity to April 30, 2023 and consent to acquisition; no outstanding borrowings under facility.
Amendment provides EBITDA credit for ~$850,000 of full-year EBITDA previously allocated to non-controlling members.
VP of Operations Jim Abbott, a seller, received ~$523,000 of the aggregate proceeds.
Acquisition consolidates ownership of all traditional Bad Daddy's locations under Good Times Restaurants.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Good Times Restaurants Inc. completed an acquisition involving Thompson Family Associates, RFM Ventures, LLC, Richard Miller, Vicki T. Ponce, Covington DeRamus, ACR Capital Ventures, LLC, Bill Duke, Jim Verney and Jim Abbott for $4,394,205.00 (closed 2023-01-25).

Action: acquisition
Counterparty: Thompson Family Associates, RFM Ventures, LLC, Richard Miller, Vicki T. Ponce, Covington DeRamus, ACR Capital Ventures, LLC, Bill Duke, Jim Verney and Jim Abbott
Consideration: $4,394,205.00
Closing: 2023-01-25

Exact text from the filing

equity interests of the Joint Ventures such that each Joint Venture became a wholly-owned subsidiary of the Company. The aggregate cash purchase price paid to the Sellers was $4,394,205.00. Mr. Abbott serves as BDI’s Vice President of Operations and, as one of the Sellers, received approximately $523,000 of the aggregate proceeds as consideration for the portion of

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Good Times Restaurants Inc. filing history →

Source: SEC EDGAR

accession 0001214659-23-001237

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