Uncommon Equity (UEQ), a Chicago-based private investment partnership, has acquired Grand Rapids-based Project BarFly, the parent company of the HopCat restaurant group. The deal expands UEQ’s portfolio with one of Michigan’s most recognizable casual dining brands. Financial details of the transaction were not disclosed.
HopCat, founded in 2008, operates 12 restaurants across Michigan and one in Lincoln, Nebraska. The brand includes the popular “Stella’s Lounge” in Grand Rapids and has built a loyal following with its focus on scratch-made comfort food, rotating craft beers, and welcoming, neighborhood-style dining. Originally an early pioneer in the craft brew restaurant scene, HopCat has evolved into a regional leader recognized for its innovative menu and strong sense of local community.
As part of the acquisition, UEQ Co-Founder and CEO Dan Kipp will join HopCat’s Board of Directors, alongside Executive Chairman Ned Lidvall, who will continue in his current role. UEQ Operating Partners Gary Graves and Rob Selati will also join the board, with Selati serving as a strategic investor through his Saxonwold Capital investment arm.
HopCat’s leadership team, including CEO Craig Stage and CFO Andrew Woodruff, will continue to oversee the company’s operations and growth. The new partnership is expected to support expansion into new markets, enhance team investments, and maintain the brand’s focus on quality food and hospitality rooted in Midwest values.
Support: Senior debt financing for the transaction was provided by OakNorth Bank PLC. Much Shelist, P.C. advised UEQ as legal counsel. Mastodon Ventures, Inc. served as financial advisor to HopCat, with Hallet & Perrin, P.C. providing sell-side legal counsel.
KEY QUOTES:
“We are excited to be acquiring HopCat at this pivotal point in time and to partner with Chairman Ned Lidvall, CEO Craig Stage, CFO Andrew Woodruff and their leadership team to carefully grow the HopCat brand while continuing their maniacal focus on great, value-priced food served in a friendly, neighborhood atmosphere.”
Dan Kipp, Co-Founder & CEO, Uncommon Equity
“We see this transition not as a change of direction, but as a continuation of what HopCat does best – bringing people together. We’re excited to partner with Uncommon Equity and their experienced Operating Partners to invest in the team, new locations, and innovation while preserving the local and Midwest hospitality that has always defined the brand.”
Craig Stage, CEO, HopCat
