Signature Hospitality Group, which owns TGI Friday’s, has inked a deal to acquire Varsity Group, a college-themed sports and burger bar brand.
In a joint statement, Signature said it signed a strategic and collaborative acquisition agreement which comprises eight Varsity locations across Western Australia and increases Signature's portfolio in WA to 14 venues, including Sporting Globe Bar & Grill and TGI Friday’s Australia.
“This acquisition will take Signature to almost 50 locations and in excess of $200m revenue,” read the statement.
Varsity went from its first American college themed “frat-style” bar that opened in Nedlands in February 2013 to be Perth's #1 sports and burger joint. Now, the business has seven large format venues, with its eighth location under construction, and employs over 300 people.
"This partnership is a win for all parties, and we are excited and confident that under Signature’s ownership, Varsity will experience significant growth and be in a strong position to capitalise on new opportunities. My fellow founders and I will continue in management roles for at least the next three years here in WA, and we are so excited to be working with Signature to achieve our shared goals in years to come,” added Maher.
Also, the Varsity brand identified five new large format locations in Western Australia with the next opening being Varsity Innaloo in December 2022.
“Varsity is an iconic brand with strong roots in WA where it will remain headquartered. It has significant opportunity for future growth in WA where Signature will commit $20M of investment over the next three years, as well as further opportunities nationally,” he added.
