Friday, October 11, 2019

[BISCUIT BUYOUT] Maple Street Biscuit Company Bought by Cracker Barrel

Lebanon, Tennessee-based Cracker Barrel announced Friday it had agreed to acquire 33 unit Maple Street Biscuit Company in an all-cash transaction for $36 million.  First opened on November 8, 2012 in Jacksonville, Florida by Scott Moore and Gus Evans, the brand has grown to 28 corporate and five franchised units throughout seven primarily southern states.  Maple Street has four units in Georgia: Alpharetta, Duluth, Savannah and Woodstock.  Eighteen of the chain's restaurants are in Florida.  

Cracker Barrel, which launched its own fast casual breakfast & lunch joint Holler & Dash in 2016, brought the chain to West Midtown in 2017.  Cracker Barrel plans to convert all seven existing Holler & Dash units into Maple Street Biscuit Company locations in the coming months.   

This past March, activist investor Sardar Biglari urged Cracker Barrel to divest or eliminate Holler & Dash, saying it is an "ill-conceived project that was destined to fail" and that it "continues to distract managerial attention from the brand that brought all of us here.”

Moore will remain CEO of Orange Park, Florida Maple Street Biscuit Company and report directly to Cracker Barrel CEO and president Sandra Cochran.  

“We have long admired Maple Street Biscuit Company with its emphasis on made-from-scratch food and hospitality. It is a proven brand with attractive unit economics and strong growth potential, and it is positioned to become a leader in this category.” said Cochran in a prepared statement.  “The acquisition accelerates our penetration in this segment and provides growth for delivering shareholder value. I look forward to working with Scott and his team as we further grow this brand together," Cochran added.  

Maple Street is known for selling biscuit dishes at flat-dollar prices and is not open on Sundays. Its menu features offerings including fried goat cheese, sausage and shiitake mushroom gravies, jams and jellies made in-house and of course, their biscuits. Fresh-squeezed orange juice and mimosas are available at select stores. The restaurant also features assorted salads, bowls, waffles, artisan coffee, and other Southern-focused items, like fried green tomatoes and collard greens.  

With so much attention on digital and social media, Maple Street is surprisingly lax in updating their website and social profiles.  The brand's official Twitter profile was last updated April 15 and a listing on their website for their Mobile, Alabama location indicates it "opens Aug 27th."  

Maple Street is the second major investment for the 667 unit casual dining chain in just the past few months.  The company agreed to invest up to $140 million for a noncontrolling stake in the 17 unit eatertainment chain Punch Bowl Social in July.  Cracker Barrel’s deal with Punch Bowl Social also provides them the option to buy the brand outright.  Punch Bowl operates one location in Georgia at The Battery Atlanta at SunTrust Park.  

Have you ever been to Maple Street Biscuit Company?  What is your favorite breakfast eatery in Atlanta?  Where would you like to see Maple Street Biscuit Company open next?

Please share your thoughts below  

1 comment:

Anonymous said...

I think its great that Crate and Barrel is buying them. They just open a restaurant in the store in Oakbrook in IL and its doing great. I’m glad they are doing more with food and restaurants. Their country style fits well with the Maple Biscuits Co.

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