Newriders, Inc. to Acquire El Paso Barbecue Company, Announces New President and CEO
PR Newswire, Monday, October 20, 1997 at 21:31
NEWPORT BEACH, Calif., Oct. 20 /PRNewswire/ -- Newriders, Inc.
(NASDAQ:NWRD), operators of Easyriders Cafe motorcycle theme restaurants,
announced today that it has signed a preliminary letter of intent to acquire
Phoenix, AZ-based El Paso Barbecue Company, a profitable, 4-unit chain of
upscale barbecue restaurants. The acquisition, which is contingent upon
satisfactory due diligence and financing, is expected to close before the end
of the year. The acquisition is being made with a combination of stock, notes
and the assumption of existing debt.
The company also announced that William E. Prather, the majority owner of
the El Paso Barbecue restaurants being acquired by the company, is joining
Newriders, Inc., as President and CEO effective immediately. Prather has also
joined the Board of Directors, bringing the Board to eight. John Martin,
Chairman and current CEO, will remain Chairman. Prather is a 25-year veteran
of the hospitality industry. In 14 years with Burger King, he climbed from
assistant store manager to Executive Vice President of Worldwide Operations,
the number two spot at Burger King. From Burger King, he became President and
Chief Operating Officer of Hardee's, where he was later named CEO. During his
tenure with Hardee's, the company surpassed Wendy's for the number three
position in the hamburger segment. From Hardee's, he moved to
Furr's/Bishop's, as CEO, from which he acquired the El Paso Barbecue Co.
concept.
John Martin, Chairman of Newriders, and former Chairman and CEO of Taco
Bell Worldwide, stated: "This acquisition is a double whammy for us. Not only
do we get one of the best restaurant executives in the business, but we get a
terrific concept that looks like it will be a perfect fit for our target.
Bill Prather meets all of our criteria in terms of building a world-class
Board and management team. Plus, motorcycles and BBQ seem to go together. We
intend to operate and expand the El Paso BBQ Co. as a stand-alone concept, but
you can also expect us to integrate many elements of the BBQ concept into our
growing chain of Easyriders Cafes."
Newriders, Inc. is publicly traded on the Nasdaq Bulletin Board under the
symbol NWRD.
SOURCE Newriders, Inc.
-0- 10/20/97
/CONTACT: William R. Nordstrom of Newriders, Inc., 714-718-4630/ |
