Noodles Buying 16 Franchise Restaurants

Fast-casual restaurant chain Noodles and Co. (Nasdaq: NDLS) on Tuesday announced that it has a deal to purchase 16 franchise Noodles restaurants for about $13.4 million.

A statement from Broomfield-based Noodles said the acquisition should close in early July.

All of the restaurants included in the deal are operated by Sagamore Dining Partners LLC and are located in the Indianapolis area. All will remain open, the company said.

The deal will help Sagamore develop new Noodles restaurants in the Louisville, Ky., area after Sagamore earlier this year expanded its development agreement with Noodles to gain exclusive rights to open restaurants there.

"Mike Lamb and his team at Sagamore Dining Partners have done an outstanding job of establishing the Noodles and Co. brand in Indianapolis over the past eight years," Noodles' chief executive, Kevin Reddy, said in a release. "The successful restaurants they have built and operated are extremely well-run, and we look forward to adding them to our portfolio of company-owned restaurants in neighboring markets."

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