WingHouse sells to Jacksonville restaurant company
October 16, 2019 - ARC Group Inc. in Jacksonville has acquired the WingHouse Bar & Grill restaurant concept from Soaring Wings LLC in Tampa. ARC (OTCQB: RLLY) paid $18 million, including $12 million in cash and $6 million in deferred compensation in the form of shares of ARC's common stock, a news release said. Former NFL player Crawford Ker started the WingHouse chain in Largo more than 25 years ago. Soaring Wings, which is majority owned by Tampa-based Third Lake Capital, bought the chain in 2014. WingHouse now has 24 locations throughout Florida, generating more than $60.6 million in revenue and $3.5 million of cash flow from operating activities during 2018, the news release said. Third Lake will become a major shareholder in ARC Group. To fund the deal, ARC took out a $12.25 million loan from City National Bank of Florida.