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Several dozen former Salad and Go stores will be converted to 7 Brew locations after the Arkansas-based drive-thru coffee chain outbid Tempe-based Dutch Bros in an auction for the sites.
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When iconic Valley eatery Salad and Go filed for Chapter 11 Bankruptcy protection on Aug. 4, the Arizona-founded company came to the table with a deal to sell and transfer the real estate and leases of 65 of its locations to Dutch Bros (NYSE: BROS). But 7 Brew contested that sale process and kept submitting new bids until Salad and Go decided to have both companies bid against each other.
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Dutch Bros’ initial bid was $105 million for 65 sites. The lead bid by 7 Brew was for $143.18 million for the assumption of 73 shuttered Salad and Go sites; Dutch Bros decided not to enter a competing bid.
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Read more of this story from the Business Journal.