Here’s a number that should stop every multi-unit operator in their tracks: Chubby Group says it has grown unit revenue up to 6x at former GEN sites simply by plugging them into its own supply chain and hospitality playbook. Now it’s about to run that experiment 47 times over.
The Los Angeles-based company behind Chubby Cattle, Wagyu House, The X Pot, NIKU X, Chubby Skewers, and Chubby Bowls has closed a $50 million Series A led by Prysm Capital at a $500 million valuation. In the same breath, it announced a letter of intent to acquire GEN Korean BBQ’s 47 U.S. restaurants and four development sites from GEN Restaurant Group (Nasdaq: GENK) in a deal valued at up to $100 million.