Benzinga | Sep 1, 2021 08:08AM EDT

EXCLUSIVE: Amergent Hospitality Acquires PizzaRev To Mark Entry Into Pizza Segment

* Restaurant operator and franchisor, Amergent Hospitality Group Inc (OTC:AMHG) has acquired PizzaRev, a fast-casual restaurant concept, for an undisclosed sum.

* PizzaRev serves custom-made personal-sized pizzas that are oven-fired in 3 minutes with the concept of "Crafting Your Own" personal pizza.

* Amergent will operate PizzaRev's three company-owned stores and nine franchise locations through its wholly-owned subsidiary Pie Squared Holdings.

* "By entering the pizza space via this initial acquisition, Amergent will have the ability to identify additional pizza concepts to acquire and operate," said President Fred Glick. The company expects the acquisition to be immediately accretive.

* Amergent's brands include Little Big Burger, Burgers Grilled Right, American Burger Company, one Hooters, and The Owls Nest gaming location.

* The company held $2.5 million in cash and equivalents as of June 30, 2021.

* Price Action: AMHG shares closed lower by 0.52% at $0.52 on Tuesday.