Stockholders OK acquisition of Back Yard Burgers

By Lisa Kerner

Charlotte, N.C., Aug. 3 - Back Yard Burgers, Inc. stockholders voted on Friday to approve the company's acquisition by BBAC, LLC.

Shareholders will receive $6.50 per share in the transaction, which is valued at some $38 million including debt.

The transaction is slated to close in August pending financing and other closing conditions.

Memphis-based Back Yard Burgers operates and franchises quick-service restaurants in 20 states.

BBAC is an investment partnership managed by Cherokee Advisors LLC, an Atlanta-based firm. Its principal investors include Reid M. Zeising of Cherokee Advisors, Pharos Capital Group, LLC and C. Stephen Lynn, former chairman and chief executive officer of Shoney's, Inc. and Sonic Corp.

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