BurgerFi® Ramps-Up Number of Restaurants Under Construction and Expands Points of Distribution to RedeFine the Way the World Eats Burgers

Rhea-AI Summary

BurgerFi International (Nasdaq: BFI, BFIIW) is accelerating its expansion following its public debut in December 2020, having been named Fast Casual 2021 Brand of the Year. The company is focused on growing its footprint with 25 signed leases and 9 new restaurants under construction. Key growth strategies include enhancing its presence in core Southeast markets and expanding its ghost kitchen operations with an additional 15-20 units in partnership with Reef Kitchens. BurgerFi also launched the “Fi on the Fly®” food truck to reach a wider audience.

Positive

• Expansion with 25 signed leases and 9 restaurants under construction.
• Focus on Southeast markets for increased brand presence and customer loyalty.
• Growth of ghost kitchen operations, opening 15-20 additional units in partnership with Reef Kitchens.
• Launch of 'Fi on the Fly®' food truck to diversify distribution channels.

Negative

• None.

Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 120 restaurants domestically and internationally: and it’s not stopping there

PALM BEACH, Fla., July 06, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or the “Company”) is building on its momentum after going public in December 2020 and being named Fast Casual 2021 Brand of the Year, by kicking its expansion plans into high gear. The Company is experiencing an impressive level of new growth and expanding its points of distribution across several fronts, including new brick-and-mortar restaurants, increasing its ghost kitchens footprint and rolling out the new "Fi on the Fly®" food truck.

Brick and Mortar Development
“We’re starting to see the impact of the infusion of capital from going public with 25 signed leases in different stages of development, including 9 new restaurants currently under construction,” said Ophir Sternberg, Executive Chairman of BurgerFi. “We opened two new company restaurants last week alone in Jupiter, FL and Williamsburg, VA, and we have a large number of new restaurant openings planned for Q3 and Q4 as part of our new restaurant growth plans for the year.”

Over the past decade, BurgerFi has opened restaurants throughout the country, but is now implementing a cluster market strategy primarily focused on increasing its penetration in the Company’s core Southeast markets and working up the eastern seaboard.

Commenting on the strategy, Julio Ramirez, CEO of BurgerFi, stated, “Cities like Jacksonville, Orlando, Nashville, Tampa, Miami and others along the eastern seaboard are where we’ll focus most of our growth with new company and franchise restaurants. We’ll capitalize on synergies knowing that additional restaurants allow us to grow brand awareness, reach new guests, convert them to loyal ‘Fi-natics’ and increase our average unit volumes.”

Ghost Kitchen Expansion
BurgerFi was an early adopter of ghost kitchens, entering that arena in June 2020, as the entire industry grappled with the pandemic that created a surge in off-premise business. It was a way to leverage the traffic flowing into the digital service providers (DSPs), like Uber Eats, Door Dash, Postmates, etc., and partner with companies like Reef Kitchens and Epic Kitchens to quickly expand into new areas with limited investment. The business has grown over the last year leading to a significant expansion in 2021, partnering with Reef Kitchens to open an additional 15-20 units in the second half of 2021. The new units will be focused primarily in BurgerFi cluster markets.

“We’re excited to expand our relationship with Reef Kitchens, which allows us to extend our reach in a fast, flexible and cost-effective manner,” said Henry Gonzalez, CMO of BurgerFi. “Our growth will be focused on our cluster markets, like Atlanta, Nashville and Miami to name a few, as a way to grow our brand awareness, affinity and seed the brand for future brick-and-mortar development.”

"Fi on the Fly®" Food Truck: Bringing All-Natural Burgers and Fresh-Cut Sides Straight to You
Unveiled in May 2021, the better-burger concept has taken its award-winning favorites on the road with "Fi on the Fly®" to expand its legion of Fi-natics by serving private parties, corporate events, charitable fundraisers, birthdays, weddings, cultural and sporting events, musical festivals, food truck events and more throughout the South Florida area.

“Whether it’s through our physical locations, ghost kitchens or our awesome new ‘Fi on the Fly®’ food truck, these are all tools to connect with our guests however, whenever and wherever they want to engage with us to have the best burger experience. Stay tuned for exciting new projects in the works,” said Henry Gonzalez.   

To book a "Fi on the Fly®" experience, guests can go to https://www.burgerfi.com/foodtruck/

About BurgerFi International (Nasdaq: BFI, BFIIW)
Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 120 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was named QSR Magazine's Breakout Brand of 2020, Fast Casual’s 2021 #1 Brand of the Year, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019 and is included in Inc. Magazine's Fastest Growing Private Companies List. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter.

BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi. 

Forward-Looking Statements
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including statements relating to BurgerFi's estimates of its future business outlook, prospects or financial results. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2020 and those discussed in other documents we file with the Securities and Exchange Commission. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Investor Relations Contact:
Gateway Investor Relations
Cody Slach or Cody Cree
(949) 574-3860
BFI@GatewayIR.com

Company Contact:
BurgerFi International Inc.
IR@burgerfi.com

Media Relations Contact:
Quinn PR
Laura Neroulias, burgerfi@quinn.pr

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f6162c0-2f18-4e9d-88b6-720a25f16551.

 

FAQ

What are BurgerFi's expansion plans in 2021?

BurgerFi is focusing on opening 25 new leases, with 9 restaurants currently under construction and plans for further openings in Q3 and Q4.

How is BurgerFi expanding its ghost kitchen operations?

BurgerFi is partnering with Reef Kitchens to open 15-20 new ghost kitchen units, primarily in core Southeast markets.

What is the significance of 'Fi on the Fly®' for BurgerFi?

The 'Fi on the Fly®' food truck was launched to increase brand engagement by reaching customers at various events across South Florida.

What was BurgerFi named in 2021?

BurgerFi was named Fast Casual 2021 Brand of the Year after its public debut.

What markets is BurgerFi targeting for growth?

BurgerFi is focusing on Southeast markets, including cities like Jacksonville, Orlando, and Nashville.