GRAND RAPIDS, Mich. (WOOD) — After filing for Chapter 11 bankruptcy protections, BarFly Ventures is now under new ownership, the company announced Tuesday.
The parent company of HopCat, Stella’s Lounge and Grand Rapids Brewing Company sold its assets to Congruent Investment Partners and Main Street Capital. The two companies won with a $17.5 million bid to take over ownership under the name Project BarFly LLC.
“HopCat, Stella’s and Grand Rapids Brewing Company are important to both Grand Rapids and the state of Michigan,” Nick Meserve, managing director of Main Street Capital, said in a statement. “We intend for these restaurants to succeed and very much believe the company can return to growth as the pandemic subsides. This is much-needed good news for the local community and restaurant industry as a whole.”
Congruent Investment Partners and Main Street Capital have been lenders to the company since 2015, according to a press release.
BarFly Ventures announced that it was filing for bankruptcy back in June after the COVID-19 pandemic created challenges for the restaurant industry. It also shut down some of its locations.
During the pandemic, the company says it continued working hard to find new owners, reopen restaurants and create an environment where customers felt safe. HopCat locations opened in Lincoln, Nebraska, and Indianapolis over the summer.
“The whole management team and I are very excited about the new owners. We think it’s a great fit for the company, and the energy and collaboration they bring will only enhance our recovery and growth. We are also thankful for our loyal guests and teammates – and vendor and landlord partners who have been working hard to make our progress possible,” Ned Lidvall, CEO of Project BarFly, said in a statement.