Lafayette businessman Seenu G. Kasturi has been quietly building Blue Victory Holdings over the past three years, mainly focusing on the acquisition of restaurants and multi-family properties. Kasturi announced Aug. 15 that he had acquired controlling interest in American Restaurant Concepts Inc., the Jacksonville, Fla.-based operator and franchisor of Dick’s Wings restaurants. Dick’s has 16 full-service restaurants and two express locations. Fifteen of the restaurants are in Florida, one in Georgia and two in Canada.

Kasturi paid almost $500,000 for 15.5 million shares of American Restaurant’s stock, or 3.2 cents per share, and assumed $66,000 in operating expenses for the company. The deal gives Kasturi 45.3 percent of American's stock. The company trades over the counter.

Kasturi

Seenu Kasturi

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 location. Additional holdings include Victory Village Apartments, Iberia Village Apartments, Village Park Apartments, Village Cove Apartments and Global Offshore Resources, a company that provides pre-screened personnel to onshore and offshore energy-related companies. Blue Victory's primary specialty is the redevelopment of distressed properties.

Established in 2009, the local company has grown from $1.5 million in revenues in 2010 to $12.2 million last year and expects its 2012 revenue to top $25 million.

American Restaurant Concepts, which reported its fiscal 2011 results on July 27, 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 noted that American’s current cash resources would not allow the company to continue operating for another year. 

The 15.5 million shares being purchased by Kasturi represent approximately 45.3 percent of the company’s outstanding common stock. The purchase price of 3.2 cents per share being paid by Kasturi values American Restaurant Concepts at approximately $1.1 million. The company’s common stock closed at 2 cents per share on Aug. 14.

Kasturi has already paid 40 percent of the purchase price to Michael Rosenberger, American Restaurant’s CEO, according to an announcement on the deal.

Rosenberger retained beneficial ownership of 4,573,000 shares, or 13.3 percent, of the company’s common stock.

Read more about Kasturi's plans in the next issue of ABiz, which publishes Aug. 30.

To post a comment, please log into your IND account. If you do not have an account, click the "register" button to create one. Facebook comments can be used as an alternative to creating an account at theIND.com.

Loading
Chart
ABiz Stock Watch
o Home Bancorp 20.05 ▼0.07 (-0.35%)
o Frank's International 25.90 ▲1.24 (5.03%)
o IberiaBank Corp 67.34 ▲0.68 (1.02%)
o LHC Group 21.32 ▲0.22 (1.04%)
o MidSouth Bancorp 16.37 ▼0.06 (-0.37%)
o Petroquest Energy 5.68 ▲0.24 (4.41%)
o PHI Inc. 42.50 ▲0.60 (1.43%)
o Superior Energy 31.30 ▼0.33 (-1.04%)
o Stone Energy 46.33 ▲0.73 (1.60%)
o Teche Holding 77.49 ▲0.67 (0.87%)
o Facebook Inc. 58.94 ▼0.78 (-1.31%)
o Twitter Inc. 45.01 ▲0.59 (1.33%)
o Gannett 26.87 ▲0.23 (0.86%)
NYSE:HBCP

Home Bancorp

Company ID [NYSE:HBCP] Last trade:20.05 Trade time:3:59PM EDT Value change:▼0.07 (-0.35%)
NYSE:FI

Frank's International

Company ID [NYSE:FI] Last trade:25.90 Trade time:4:00PM EDT Value change:▲1.24 (5.03%)
NYSE:IBKC

IberiaBank Corp

Company ID [NYSE:IBKC] Last trade:67.34 Trade time:3:59PM EDT Value change:▲0.68 (1.02%)
NYSE:LHCG

LHC Group

Company ID [NYSE:LHCG] Last trade:21.32 Trade time:4:00PM EDT Value change:▲0.22 (1.04%)
NYSE:MSL

MidSouth Bancorp

Company ID [NYSE:MSL] Last trade:16.37 Trade time:4:03PM EDT Value change:▼0.06 (-0.37%)
NYSE:PQ

Petroquest Energy

Company ID [NYSE:PQ] Last trade:5.68 Trade time:4:03PM EDT Value change:▲0.24 (4.41%)
NYSE:PHII

PHI Inc.

Company ID [NYSE:PHII] Last trade:42.50 Trade time:2:37PM EDT Value change:▲0.60 (1.43%)
NYSE:SPN

Superior Energy

Company ID [NYSE:SPN] Last trade:31.30 Trade time:4:04PM EDT Value change:▼0.33 (-1.04%)
NYSE:SGY

Stone Energy

Company ID [NYSE:SGY] Last trade:46.33 Trade time:4:03PM EDT Value change:▲0.73 (1.60%)
NYSE:TSH

Teche Holding

Company ID [NYSE:TSH] Last trade:77.49 Trade time:4:02PM EDT Value change:▲0.67 (0.87%)
NYSE:FB

Facebook Inc.

Company ID [NYSE:FB] Last trade:58.94 Trade time:4:00PM EDT Value change:▼0.78 (-1.31%)
NYSE:TWTR

Twitter Inc.

Company ID [NYSE:TWTR] Last trade:45.01 Trade time:4:00PM EDT Value change:▲0.59 (1.33%)
NYSE:GCI

Gannett

Company ID [NYSE:GCI] Last trade:26.87 Trade time:4:03PM EDT Value change:▲0.23 (0.86%)
Advertisement

Economic Indicators

  • Real Estate Data
    Real Estate
     
    Rentals
     
    Commercial
     
     
  • Energy Data
    Oil
     
    Gas
     
     
  • Taxable Sales
    Register
     
  • Unemployment Rate
    Employment
     
 

Read the Flipping Paper!

Click Here for the Entire Print Version of
ABiz
 
Advertisement
Advertisement