Noodles & Co. to Acquire 16 Restaurants For $13.4 Million

Noodles & Company announced it has entered into an agreement to purchase 16 franchised Noodles & Co. restaurants for approximately $13.4 million. The acquisition is expected to close in early July 2014. The 16 locations included in the agreement, operated by long-time franchise partner, Sagamore Dining Partners, LLC, are located primarily in the greater Indianapolis area. All of the Noodles & Co. restaurants being acquired will remain open for business during the transition. "Mike Lamb and his team at Sagamore Dining Partners have done an outstanding job of establishing the Noodles & Company brand in Indianapolis over the past eight years," says Kevin Reddy, CEO of Noodles & Co. "The successful restaurants they have built and operated are extremely well-run and we look forward to adding them to our portfolio of company-owned restaurants in neighboring markets." Sagamore Dining Partners, LLC expanded their development agreement with Noodles & Co. earlier this year to include the exclusive right to open Noodles & Co. restaurants in the greater Louisville, Kentucky metro area. The first location in Louisville is anticipated to open in late 2014.