Lafayette businessman Seenu G. Kasturi has acquired controlling interest in American Restaurant Concepts Inc., the Jacksonville, Fla.-based operator and franchisor of Dick’s Wings restaurants.
Kasturi has invested around $497,000 for 15.5 million shares of American Restaurant’s stock, or 3.2 cents per share, and will also cover around $66,000 in operating expenses for the company. The deal gives Kasturi 45.3 percent of American Restaurant’s stock. The company trades over the counter.
Kasturi is the president, chief executive officer and chairman of Lafayette-based Blue Victory Holdings, which owns and manages 16 Kentucky Fried Chicken stores, four Kentucky Fried Chicken/Taco Bell restaurants, one Kentucky Fried Chicken/Long John Silver’s restaurant and one Hardee’s restaurant. The company’s 2012 revenue is expected to top $25 million.
American Restaurant Concepts reported its fiscal 2011 results on July 27. The company lost $1.65 million for the year ending Dec. 25 and has defaulted on $290,000 in loans, according to its annual report.
The report says American Restaurant Concepts’ current cash resources won’t allow the company to continue operating for the next year.
Dick’s Wings has 16 full-service restaurants and two express locations. Fifteen of the restaurants are in Florida, one is in Georgia and two are in Canada.