Newriders to Buy Barbecue Chain
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NEWPORT BEACH — Newriders Inc. which operates two Easyrider Cafe restaurants, said it intends to acquire El Paso Barbecue Co., a Phoenix-based chain, for about $8.5 million in stock and notes.
Newriders also will assume about $2.5 million in El Paso debt, the company said. The deal could close by the end of the year.
William E. Prather, the majority owner of El Paso Barbecue, will become president and chief executive officer of Newriders.
John Martin, the company’s current chief executive, will remain board chairman. Martin, former chief executive of Taco Bell Corp., said he had always planned to serve only temporarily as Newriders’ top executive. Prather previously held executive positions with Burger King, Hardee’s and Furr’s/Bishop’s, a cafeteria chain.
Newriders operates motorcycle-themed Easyrider Cafe restaurants in Fresno and Myrtle Beach, S.C. El Paso Barbecue operates four restaurants, three in Phoenix and one in Tulsa, Okla.
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