TAMPA — Jacksonville restaurant holding company ARC Group has purchased local chain WingHouse for $18 million, the companies announced this week.
The deal gives ARC control of the WingHouse concept and restaurants, but does not include the locations’ real estate.
WingHouse first opened in Largo more than 25 years ago and was created by former NFL player Crawford Ker. In 2014, Ker sold his 24 restaurants to a company owned by the family of the Ashley Furniture founder, Third Lake Capital in Tampa.
As part of the sale deal, Third Lake is now a major shareholder in ARC Group. Third Lake also still has a minority stake in WingHouse.
“We are proud to partner with ARC Group, which has a strong track record of operational excellence and growth,” Third Lake CEO Ken Jones said in a statement. “We are pleased with what we have accomplished through our investment in WingHouse and are excited about what the future holds for this proven brand.”
ARC purchased WingHouse and its assets with $12 million in cash and $6 million in its company stocks. ARC took out a $12.25 loan with the City National Bank of Florida to fund the acquisition.
ARC already runs a casual wing chain called Dick’s Wings, which has 23 locations in North Florida and Georgia.
Editor’s note: An earlier version did not specify that the $18 million deal did not include WingHouse real estate or that Third Lake is still a part-owner in the chain.