Luby’s, Inc. owner of Luby’s Cafeterias and Fuddruckers brands, has agreed to purchase all of the Membership Units of Paradise Restaurants Group, and certain of their affiliates (collectively known as “Cheeseburger in Paradise”) through a wholly-owned subsidiary for about $11 million in cash plus customary reimbursements for cash-on-hand, inventory, and accounts receivable offset by liabilities assumed at closing. Luby’s will operate 23 Cheeseburger in Paradise locations in 14 states.
Cheeseburger in Paradise is a full-service island-themed restaurant and bar developed 10 years ago in collaboration with entertainer Jimmy Buffett, based his most popular songs. The restaurants also feature a unique tropical-themed island bar with many televisions and boat-themed drinks.
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