Buca Buys Vinny Testa’s Units
MINNEAPOLIS (AP) _ Buca Inc. said Monday it would buy Vinny Testa’s restaurants in Boston and Philadelphia for $18 million in cash.
Buca, which owns and operates 68 Italian restaurants in 22 states, will add nine units to its chain with the acquisition.
The average Vinny Testa’s restaurant has annual revenue of $3.8 million, Buca said in a news release. Buca’s newest restaurants produce $3.1 million in annual sales.
Buca will continue to operate the Vinny Testa’s brand in New England and its Buca di Beppo brand in the rest of the country, the company said.
Shares in Buca rose 3 percent, or 43 cents, to $13.58 in regular Nasdaq Stock Market trading Monday.