Mexico is no longer on the menu for Opes Acquisition Corp. (OPES).
The special purpose acquisition company with plans to acquire a business in Mexico, changed direction and signed a letter of intent to combine with North Palm Beach, Fla.-based fast-casual burger chain BurgerFi International LLC.
The restaurant chain, which offers several burgers and sandwich varieties, fries and desserts along with beer and wine, has about 125 locations in 23 states and outposts in Kuwait, Panama and Mexico.
The companies say they expect to have a definitive agreement in place by the end of June and hope to close a deal in the third quarter of 2020. Terms of the deal were not included in the announcement.
BurgerFi was founded in 2011 by John Rosatti, and one of its hooks is the quality of its proteins, leaving out steroids, antibiotics, growth hormones and additives. Started in a former Burger King location, the chain competes with The Habit, Five Guys and Shake Shack in the “better burger” category. According to food industry press, the private chain booked sales of $141 million last year.
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