GRAND RAPIDS, Mich. — Private investment firm Uncommon Equity (UEQ) has acquired Grand Rapids-based Project BarFly, along with its 12 HopCat restaurants in Michigan and Stella's Lounge in downtown Grand Rapids.
Financial terms of the transaction were not disclosed.
"We are excited to be acquiring HopCat at this pivotal point in time and to partner with Chairman Ned Lidvall, CEO Craig Stage, CFO Andrew Woodruff and their leadership team to carefully grow the HopCat brand while continuing their maniacal focus on great, value-priced food served in a friendly, neighborhood atmosphere,” said Dan Kipp, Co-Founder & CEO of Uncommon Equity.
HopCat was founded in 2008. The restaurant chain is known for its large selection of craft beers on tap, upscale pub food and its signature Cosmik Fries.
“We see this transition not as a change of direction, but as a continuation of what HopCat does best – bringing people together,” said BarFly CEO Craig Stage. “We’re excited to partner with Uncommon Equity and their experienced Operating Partners to invest in the team, new locations, and innovation while preserving the local and Midwest hospitality that has always defined the brand.”
Uncommon Equity said that Mr. Kipp will be joining HopCat's Board of Directors, along with Executive Chairman Ned Lidvall (who will remain in his current position), and UEQ Operating Partners Gary Graves and Rob Selati. Mr. Selati will also be a strategic investor with UEQ through his Saxonwold Capital investment arm.
Under new ownership, Uncommon Equity says they plan to keep the brand's mission — to bring people together over great food, drink, and conversation — at the heart of HopCat's identity.
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