Bella Petrella’s Holdings, Inc. announced today it has acquired Philly Westshore Franchising Enterprises, Inc. which franchises to others 37 pizza and sandwich sports bars primarily in Florida and Ohio. The franchising business was founded by Robert Vasaturo in 2002. Thirty-four Florida franchisees seat a total of 850. Three Ohio restaurants seat a total of 112. An additional 21 restaurants are planned to open in Ohio within the next 12 to 24 months. The business is beginning to market franchises nationwide. Audited gross revenues of the business’ most recently ended 2010 fiscal year were approximately $731,106.
Bella Petrella’s purchased Philly Westshore Franchising Enterprises, Inc. at a price of $2,590,000, paid with a promissory note due October 31, 2011 and secured by a pledge of the stock in the acquired company. The maturity date of the note is subject to two extensions, the last being through August 31, 2013, subject to issue of shares of our common stock, at the election of the holders.
John V. Whitman Jr., Bella Petrella’s CEO/Chairman, said “Completing this acquisition is the first step in a process that will place Bella’s on the national stage. We believe Westshore Pizza stores offerings are high quality and price sensitive which meet today’s consumer expectations and demands. Our stores can be easily duplicated in markets all across the United States.”
More information about Westshore Pizza is available at http://www.westshorepizza.com/
Bella Petrella’s Holdings produces a line of gourmet, reduced acid, pasta sauces, salsas and pizza sauce which is sold institutionally and to retailers. Each of the Company’s products is all natural, full flavored and diabetic friendly. The Company’s products are perfect for the consumer who suffers from acid reflux and traditionally has avoided tomato based products. The Company is an early revenue-stage enterprise. The Company, through its subsidiaries franchises 37 pizza and sandwich sports bars in Florida and Ohio and operates one 83 seat pizza and sandwich sports bar in Tampa, Florida.