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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Opes Acquisition Corp.    OPES

OPES ACQUISITION CORP.

(OPES)
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Opes Acquisition : BurgerFi to go public in $100M deal with OPES Acquisition

06/30/2020 | 10:41am EST

OPES Acquisition Corp., a Miami-based special purpose entity, has entered a $100 million deal to buy BurgerFi International and take the restaurant company public under the name BurgerFi International Inc.

The deal will make BurgerFi, which has 125 corporate-owned and franchise locations in 23 states, a Nasdaq-listed public company, with an anticipated initial enterprise value of approximately $143 million dollars., which is 2.4 times the company's estimated revenue for 2021 or 13.6 times its estimaed EBITDA for 2021, according to a company press release.

"BurgerFi's position within the rapidly expanding 'better-burger' space combined with its technology-driven business model and highly-scalable structure makes it poised for significant shareholder value creation," Ophir Sternberg, chairman and CEO of OPES, said in the release. "We believe that BurgerFi is positioned for rapid growth. Our team is thrilled to partner with BurgerFi's senior management to support the numerous growth initiatives underway and to drive operational excellence."

BurgerFi shareholders will receive 6.6 million newly issued shares of the company along with $30 million in cash.

BurgerFi President Charlie Guzzetta said the partnership will allow BurgerFi to reach new heights.

"The OPES team's capital market experience and real estate expertise, in combination with our existing framework for excellence in everything we do — from procurement, to operations, and our high-performing teams — will accelerate our expansion opportunities and significantly enhance our go-to-market plan," he said.

Copyright © 2020 Networld Media. All rights reserved., source Industry News

All news about OPES ACQUISITION CORP.
11/18OPES ACQUISITION : Quarterly report pursuant to Section 13 or 15(d)
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11/13OPES ACQUISITION CORP. : Amendments to Articles of Inc. or Bylaws; Change in Fis..
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11/13OPES ACQUISITION : Management's Discussion and Analysis (form 10-Q)
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11/12OPES ACQUISITION CORP. : Regulation FD Disclosure, Financial Statements and Exhi..
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11/10OPES ACQUISITION : Business Combination Target, BurgerFi, Reports Preliminary Th..
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10/16OPES ACQUISITION CORP. : Regulation FD Disclosure, Financial Statements and Exhi..
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10/16OPES ACQUISITION : BurgerFi taps former Burger King exec as CEO
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10/16OPES ACQUISITION : BurgerFi Names Burger-Industry Veteran Julio Ramirez as CEO
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10/16BurgerFi Names Burger-Industry Veteran Julio Ramirez as CEO
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10/15OPES ACQUISITION CORP. : Regulation FD Disclosure, Financial Statements and Exhi..
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Financials (USD)
Sales 2019 - - -
Net income 2019 1,16 M - -
Net Debt 2019 1,39 M - -
P/E ratio 2019 -78,1x
Yield 2019 -
Capitalization 51,0 M 51,0 M -
EV / Sales 2018 -
EV / Sales 2019 -
Nbr of Employees -
Free-Float 55,3%
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Managers
NameTitle
Ophir Sternberg Chairman & Chief Executive Officer
José Luis Vera Córdova Chief Financial Officer
Martha L. Byorum Independent Director
James S. Anderson Independent Director
David M. Brain Director
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