Acquisition of Back Yard Burgers is complete

By Lisa Kerner

Charlotte, N.C., Nov. 5 - Back Yard Burgers, Inc.'s common stock ceased trading on the Nasdaq Capital Market at the market's close on Monday following the acquisition of the company by BBAC, LLC.

Back Yard Burgers stockholders approved the deal on Aug. 3 and will receive $6.50 cash per share. The transaction is valued at about $38 million including assumed debt, according to a company news release.

Memphis-based Back Yard Burgers operates and franchises quick-service restaurants in 20 states.

BBAC is an investment partnership managed by Cherokee Advisors LLC, an Atlanta-based firm. Its principal investors include Reid M. Zeising of Cherokee Advisors, Pharos Capital Group, LLC and C. Stephen Lynn, former chairman and chief executive officer of Shoney's, Inc. and Sonic Corp.

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