BurgerFi International (BFI) to Consider Strategic Alternatives

BurgerFi International, Inc. (NASDAQ: BFI, BFIIW) (“BurgerFi” or the “Company”), owner of the high-quality, casual dining pizza brand under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) and one of the nation’s leading fast-casual “better burger” dining concepts through the BurgerFi brand, announced today several key initiatives with the goal of enhancing the Company’s prospects and ensuring stable Management as the Company goes through the process of reviewing strategic alternatives.

The Board of Directors of BurgerFi has formed a special committee of Directors and retained Kroll Securities, LLC (Joshua Benn; [email protected] / Tel. 1 (212) 450-2840) as its exclusive financial advisor to support an ongoing evaluation of strategic alternatives.

"We are committed to considering all potential strategic alternatives. While we are confident in the Company's current operating strategy, we are mindful of the Company’s current liquidity challenges and are committed to exploring strategic alternatives that we believe would be in the best interests of the Company and its stakeholders," said David Heidecorn, a member of the Board of Directors who was recently appointed Chairman of the Board. Mr. Heidecorn, a Senior Advisor to and former Partner of L Catterton, was designated as the successor to Ophir Sternberg, who resigned all positions with the Company on May 23, 2024, including as Executive Chairman of the Board, effective immediately.

There can be no assurance, however, that the strategic review process will result in an outcome favorable to the Company or its stakeholders. The Company does not currently intend to comment further on this strategic review process and will make further announcements in accordance with its ongoing disclosure obligations and pursuant to applicable laws and regulations.

The Company has entered into a Forbearance Agreement and Seventeenth Amendment to its existing credit facilities with TREW Capital Management Private Credit 2 LLC (“TREW”), pursuant to which the secured parties under the credit facilities agreed to forbear from exercising their rights under the credit documents until at least July 31, 2024. In addition, L Catterton and TREW have each agreed to lend up to $2 million ($4 million collectively) to assist the Company during this strategic review process.

To demonstrate a commitment to the Company and senior management, the Company has entered into separate retention agreements with its CEO, Carl Bachmann, and CFO, Christopher E. Jones, with a goal of ensuring steady leadership as the Company proceeds with the strategic review process.

About BurgerFi International (Nasdaq: BFI, BFIIW)

BurgerFi International, Inc. is a leading multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of the two following brands with a combined 162 locations.

Anthony’s. Anthony’s is a premium pizza and wing brand with 60 restaurants (59 corporate-owned casual restaurant locations and one dual brand franchise location), as of April 1, 2024. Known for serving fresh, never frozen and quality ingredients, Anthony’s is centered around a 900-degree coal-fired oven with menu offerings including “well-done” pizza, coal-fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. Anthony’s was named “The Best Pizza Chain in America" by USA Today's Great American Bites, “Top 3 Best Major Pizza Chain” by Mashed in 2021, “The Absolute Best Wings in the U.S.” by Mashed in 2022, and named in “America's Favorite Restaurant Chains of 2022” by Newsweek.

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