Cracker Barrel Old Country Store has acquired Maple Street Biscuit in an all-cash transaction for $36 million. Maple Street Biscuit was founded in 2012 by Scott Moore and Gus Evans in Jacksonville, Fla. It currently has 28 company-owned and five franchised fast-casual locations across seven states. Cracker Barrel plans to convert its fast-casual restaurant Holler & Dash Biscuit House units into Maple Street Biscuit locations in the coming months. Moore will remain CEO of Maple Street Biscuit and will report directly to Sandra Cochran, president and CEO of Cracker Barrel.
“The breakfast and lunch-focused fast-casual category is an attractive segment, and our experience with Holler & Dash has reinforced this belief,” said Cochran. “We have long admired Maple Street Biscuit with its emphasis on made-from-scratch food and hospitality. It is a proven brand with attractive unit economics and strong growth potential, and it is positioned to become a leader in this category. The acquisition accelerates our penetration in this segment and provides growth for delivering shareholder value.”
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