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Los Angeles-based Ike’s Love & Sandwiches has made its first strategic investment in an emerging hot chicken chain with big growth plans.
The 80-unit sandwich shop chain has invested in Bangin ‘Buns, a three-unit Los Angeles-area concept that was started in 2018 by four friends: Nick Nshanyan, Gary Shahbazyan, Sam Manvelyan and Arman Grigoryan.
Details of the investment were not disclosed.
As part of the deal, however, Ike’s management team – which includes CEO Michael Goldberg, founder Ike Shehadeh, chief marketing officer Renae Scott, and vice president of development Adam Rinella – will take over. development, operations and marketing for all future Bangin ‘Buns locations.
The company plans to open 15 new units of the hot chicken brand by the end of 2022 and launch the franchise in 2023.
Goldberg described Ike’s and Bangin ‘Buns as equal partners. The plan is to move Bangin ‘Buns to the markets where Ike’s operates, including northern and southern California and Arizona.
“We want to develop the concept, put it a bit more on the map, increase revenue, and then really look at the franchise side, where I feel like there would be experienced franchisees who wouldn’t just look at the franchise. hot chicken. , but so did Ike, ”Goldberg said.
Ike’s has developed its digital capabilities, including online ordering and a new app, and those tools can be applied to Bangin ‘Buns as well, he said.
Operationally, Bangin ‘Buns is a simpler operation than Ike’s, he said, but Bangin’ Buns units of 1,200 to 1,400 square feet are more than double the average unit volume of Ike, which can range from 800 to 1,200 square feet.
The menu at Bangin ‘Buns is basically “chicken, chicken and more chicken,” Goldberg said.
Chicken is served as a tender with fries or coleslaw, or as a sandwich in a hoagie bun, rather than a bun. Customers can also choose a tender / bun combo.
Hot Nashville-style chicken is served in varying levels of spice, from “country” (no spices) to “bangin ‘” to feel the heat, with three types of sauce for dipping.
Desserts include cookies or banana pudding.
The origin story of Bangin ‘Buns is very similar to that of Dave’s Hot Chicken, which was also started in a LA-area parking lot originally by a group of friends.
Dave’s Hot Chicken, which grew at a rapid rate, before the pandemic received a significant investment from the people behind Blaze Pizza, including Wetzel’s Pretzel co-founder Bill Phelps, who is the CEO of Dave’s Hot Chicken.
“Dave’s is over there. There are other brands, ”Goldberg said. “But I don’t think there is another brand right now that is giving Dave a run for their money.”
When asked if Ike’s would seek more investment or acquisitions, Goldberg said he has long hoped to get involved with another pizza brand. Former Fresh Brothers Pizza COO Goldberg has said his non-compete agreement has come to an end.
“We could be looking for another one like this with two to three units and a great growth path ahead,” he said.
Contact Lisa Jennings at [email protected]
Follow her on Twitter: @livetodineout
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