A beloved seafood chain, which had fallen on hard times during the pandemic, will continue to feed its loyal customers for years to come. After emerging from bankruptcy in December, The Lost Cajun is now stepping up its growth efforts under new ownership.
According to a press release, Executive Decisions Group Inc. (EDGI), a franchise consulting firm, has just acquired the Louisiana-inspired seafood chain.
Although the cost of the transaction was not disclosed, the acquisition includes the 23 franchise restaurants of The Lost Cajun, a company-owned location in Louisiana and The Lost Cajun Spicy Company, an entity created in 2016 that is responsible for sales and distribution. of merchandise to the chain’s restaurants.
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This business transaction marks the first direct acquisition of EDGI, which was managed by subsidiary Summa Franchise Consulting, an Arizona-based franchise consulting firm.
“We recognized something special about The Lost Cajun,” Robert Stidham, founder and CEO of Summa, said in a statement. “We are excited to dedicate our time, talents and resources to growing this popular family restaurant franchise and introducing it to a new and expanded customer base over the next few years.”
Founded in 2010 by Raymond “Griff” Griffin, The Lost Cajun started the franchise in 2015 and grew to 26 locations in 2019. However, just over a year ago, revenue losses and closures induced by the pandemic prompted the intimate channel to file for Chapter 11 bankruptcy. The Colorado-based company reported liabilities of more than $1.4 million and assets of around $338,000.
Despite the permanent closure of four sites following the bankruptcy, three in Texas and one in Colorado, the cajun cuisine concept opened five new locations, the last of which was in Rancho Cucamonga, California. Another restaurant is set to open in downtown Florence, South Carolina, according to the channel website.
The Lost Cajun currently operates 24 units in seven states, with a third located in the chain’s home state of Colorado. In the future, the company plans to open six to eight new sites per year.
Brianna is the editorial assistant for Eat This, Not That! She attended Ithaca College, where she earned a degree in journalism and a minor in communications. Read more