BurgerFi International Stock

BurgerFi International, Inc. operates as a multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises.

As of January 2, 2023, the company was the owner, operator and franchisor of the two following brands:

BurgerFi

BurgerFi is a fast-casual 'better burger' concept, renowned for delivering an exceptional, all-natural premium 'better burger' experience in a refined, contemporary environment. BurgerFi's chef-driven menu offerings and eco-friendly restaurant design drive the company's brand communication. It offers a classic American menu of premium burgers, hot dogs, crispy chicken, frozen custard, hand-cut fries, shakes, beer, wine and more. BurgerFi is committed to an uncompromising and rewarding dining experience that promises fresh food of transparent quality. BurgerFi has corporate-owned restaurants and franchised restaurants in 2 countries and 23 states, as well as Puerto Rico.

Anthony's

Anthony's is a premium pizza and wing brand, operating corporate-owned casual restaurant locations. Anthony's prides itself on serving fresh, never frozen, high-quality ingredients. The concept is centered around a 900-degree coal fired oven, and its menu offers 'well-done' pizza, coal fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. The restaurants also feature a deep wine and craft beer selection to round out the menu. The pizzas are prepared using a unique coal fired oven to quickly seal in natural flavors while creating a lightly charred crust. Anthony's provides a differentiated offering among its casual dining peers driven by its coal fired oven, which enables the use of fresh, high-quality ingredients with quicker ticket times.

The Anthony's brand has corporate-owned locations, primarily located along the East coast and has restaurants in eight states, including Florida, Pennsylvania, New Jersey, New York, Massachusetts, Delaware, Maryland, and Rhode Island.

Beyond its brand portfolio, the company intends to acquire other restaurant concepts that will allow it to grow and also offers additional food categories.

The company also plans to grow the top line revenues of newly acquired brands through support from its management and systems platform, franchising, marketing and advertising, supply chain assistance, site selection analysis, staff training and operational oversight and support.

Corporate-owned Restaurants

For BurgerFi, the company typically operates in a 2,200 to 2,400 square foot leased endcap and, to a lesser extent, free-standing or in-line space. For Anthony's, the company operates in an approximately 3,200 square foot leased endcap and, to a lesser extent, free-standing or in-line space. The company leases all its corporate-owned restaurant locations.

Franchised Restaurants

With respect to the BurgerFi brand, the company uses a franchising strategy to drive new restaurant growth in new and established markets, allowing for brand expansion without significant capital investment. The company continues to evaluate its BurgerFi portfolio to determine the proper balance between corporate-owned restaurants and franchises and from time to time may sell and transfer corporate-owned restaurants to franchisees. The company launched Anthony's franchising in 2022 with plans to have its first franchise restaurant operations open in 2023. Franchisees range in size from single restaurant operators to multi-unit operators.

In emerging and new markets, the company intends to source qualified and experienced new franchisees for multi-unit development opportunities. The company seeks franchisees from successful, non-competitive brands operating within the expansion markets.

Strategy

The company's long-term strategy focuses on profitably building its base brands and growing new distribution channels, including franchised locations and acquiring new concepts.

The company's growth strategies primarily include opportunistically acquiring new brands; enhancing existing markets; increasing same-store sales; driving store growth through cloud kitchens and virtual restaurants; and non-traditional partnerships and international expansion.

Supply Chain

For BurgerFi's meat, the company sources from some of best ranches in the United States who share in its commitment to all-natural food, with no hormones or antibiotics, that is humanely raised and source verified.

Distribution

The company contracts with several national distributors to provide its food distribution services in the United States for both of the Anthony's and BurgerFi brands. For BurgerFi, the company utilizes 26 affiliated distribution centers to supply its domestic corporate-owned and franchised restaurants. For Anthony's, the company utilizes 11 affiliated distribution centers to supply its corporate-owned restaurants.

Seasonality

Outside of the company's Florida locations where it experiences some higher seasonality based on increased tourism from approximately November through April.

Government Regulation

The company is also subject to regulation by the Federal Trade Commission and subject to state laws that govern the offer, sale, renewal and termination of franchises and its relationship with its franchisees.

History

BurgerFi International, Inc. was founded in 2011. The company was incorporated in Delaware in 2017.