PF Hospitality Group Inc., a management firm developing innovative brands in the hospitality industry, recently announced its newest restaurant concept, Shaker & Pie, in Boca Raton, Florida, in partnership with the iconic Sub-Culture Restaurant Group.
PF Hospitality Group will hold 51 percent of Shaker & Pie, while Sub-Culture maintains 49 percent, with the transaction financed exclusively through the company's existing shareholders. The company previously announced the transaction in July 2015.
"We remain pleased with our recent success in developing new restaurant concepts, while increasing our dividends and focusing on shareholder returns and equity," PF Hospitality Group CEO Vaughan Dugan said. "Relying on the success we experienced with the Pizza Fusion growth model, we are equally excited about the opportunities ahead for this area of our business."
Sub-Culture’s leadership will leverage its high-quality track record from previous enterprises, including over 75 combined years of experience with hospitality, restaurant and nightclub space. With 15 locations throughout South Florida, Sub-Culture’s most recent collaborations have yielded some of the industry’s highest per-square-foot revenue.
"We are thrilled to be partnering with PF Hospitality Group in bringing the Shaker & Pie concept to market," said Scott Frielich, vice president of Sub-Culture. "Joining forces allows us to expand and refine our process as operators while leaning on the strength and collective experience of the leadership team, to … provide exceptional restaurant industry experiences to our guests, employees and investors."
Slated to launch in the second quarter of 2016 in Mizner Park, a popular Boca Raton lifestyle center, Shaker & Pie will offer wood-fired oven pizza, hearty Italian street food and carefully crafted cocktails, all inspired by global Italian-style bistros.
PF Hospitality Group Inc. creates, cultivates and operates innovative and healthy brands within the restaurant and retail industries, most notably the Pizza Fusion franchise, with 16 locations throughout the U.S., Saudi Arabia and the United Arab Emirates.