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Parents Media Opps: BurgerFi to go public with $100m deal, focuses on pickup, delivery services (Score 61)
announced a $100m deal with OPES Acquisition Corp. that will take the burger chain to the public markets. The deal is expected to close in October, and the combined company, BurgerFi International Inc., will trade on the Nasdaq exchanged with the ticker signal BFI. Since this deal will leave BurgerFi with a larger budget, we expect it to result in higher ad spend.
The company's next phase of growth will tap into points of differences such as digital menu boards, diverse food options, vegetarian and vegan offerings and customization. Along with traditional expansion, it's pursuing growth via non-traditional venues such as airports, transportation hubs, travel plazas, higher-education campuses, sporting venues and military bases. BurgerFi also has an agreement with the US Air Force to open units on bases domestically and abroad, and it has worked with REEF Technology to offer delivery-only locations.
It responded to the global pandemic by teaming up with the Marcum Foundation to offer nearly 20k meals to frontline workers. BurgerFi temporarily closed its dining rooms and started focusing instead on pickup and delivery services.
According to Adbeat, the company hasn't invested much in digital display ad spend since November 2019, but it will likely return to this channel once its dining rooms reopen. From July 2019-2020, BurgerFi allocated an estimated $22.8k toward this channel, down a bit (19%) from the roughly $28.1k spent from July 2018-2019. The past year's spend went toward programmatic ads primarily placed via Google Display Network ($22.6k) onto site destinations such as stylecraze.com ($4.4k), franchisetimes.com, accuweather.com, suggest.com and someecards.com.
Its cruelty-free meat, vegetarian and vegan options and delivery method appeal to better-for-you (BFY) Gen-Z, millennials and Gen-X, especially parents in search of quick, healthy meals. To reach younger consumers, the company likely utilizes additional digital channels such as paid social. BurgerFi currently operates around 125 restaurants; find restaurants in your area here if you plan on offering localized ad space. For now, the company is focused on growing in KY, MD and FL, with several upcoming new restaurant openings in these areas.
Agency & martech readers - Keep BurgerFi on your radar for future work as it continues pursuing growth. partners + napier.