has merged with Patton Wings, an investment entity affiliated with

Duff & Phelps’ Restaurant M&A Advisory Team Advised Diversified Restaurant Holdings on Its Merger with Patton Wings, an Investment Entity Affiliated with ICV Partners

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On February 26, 2020, Diversified Restaurant Holdings, Inc. ("DRH" or the “Company"), a public company (NASDAQ: SAUC), completed its previously announced merger with Patton Wings, an investment entity affiliated with ICV Partners, LLC (together with its affiliates, “ICV”).

Under the terms of the merger agreement, Patton Wings acquired all of the outstanding shares of DRH in a take-private transaction for $1.05 per share in cash, representing an approximate 123% premium to DRH’s closing share price on the day prior to announcement, and creating the largest franchisee in the Buffalo Wild Wings System.

Duff & Phelps served as the exclusive sell-side M&A advisor to DRH and rendered a fairness opinion to the board in connection with the transaction.

About Diversified Restaurant Holdings, Inc
Headquartered in Troy, MI, Diversified Restaurant Holdings, Inc. is a leading franchisee for Buffalo Wild Wings operating 64 franchised sports bars in key markets in Florida, Illinois, Indiana, Michigan and Missouri. Over the last five years, the Company nearly tripled its number of sports bars through a combination of organic growth and acquisitions, positioning DRH as the second largest franchisee in the Buffalo Wild Wings system. Dykema Gossett PLLC served as legal counsel to the Company.

About ICV
Founded in 1998, ICV is a leading private investment firm that supports management leaders of strong lower middle market companies. Over its first four funds, the principals of ICV have crafted a strong track record of helping companies expand their footprint and improve performance over the long term and across a variety of industries.

In November 2019, through its Patton Wings investment affiliate, ICV acquired a majority stake in JK&T Wings, Inc., a leading franchisee of Buffalo Wild Wings, operating 42 sports bars primarily in Michigan, with additional locations in Massachusetts and Louisiana.

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