Jimmy Buffett’s Cheeseburger in Paradise Restaurant Chain Sold to Luby’s
If you've ever wanted to eat a cheeseburger in paradise, your chances might have just gotten better. Named for Jimmy Buffett's 1978 hit, the Cheeseburger in Paradise restaurant chain has just been acquired by Luby's, Inc. -- and the new owners say they plan to "expand the brand."
According to Restaurant News, the Houston-based owners of Luby's cafeterias and Fuddrucker's agreed to purchase the brand -- which includes 23 units in 14 states, as well as the chain's cash on hand, inventory, and accounts receivable -- for $11 million. The chain's total revenue for the previous year amounted to $50 million. The deal was expected to close on Dec. 5.
Buffett partnered with OSI Restaurant Partners in 2002 to develop the island-themed casual dining restaurant, then sold the company to an investor group led by chain president Steve Overholt in September of 2009. Luby's intends to expand into new markets.
“Cheeseburger in Paradise will nicely complement our core family-friendly brands, Luby’s Cafeterias and Fuddruckers, with a casual-dining restaurant and bar offering,” Luby’s Chief Executive Chris Pappas says in a press release. “A number of their 23 locations are located in high-traffic areas, many near successful malls and tourist attractions. With the addition of Cheeseburger in Paradise, we will further enhance our competitiveness and increase the company’s opportunities for revenue growth in the future.”