GRAND RAPIDS, MI (WKZO AM/FM) — Barfly Ventures, the company that owns HopCat in several locations including East Lansing and Kalamazoo, has announced that it will be purchased in an agreement after filing for bankruptcy earlier this year.
The decision to declare bankruptcy came as a result of COVID-19, plus being over $30 million in debt, according to company founder Mark Sellers.
Tuesday, it was announced that Barfly Ventures has been sold under a joint purchase between Congruent Investment Partners and Main Street Capital at a price of $17.5 million.
The company will now be known as Project BarFly LLC.
Travis Baldwin, founder of Congruent Investment Partners, told MLive on Tuesday that the company knows the business well, and was a lender to Barfly Ventures in 2015.
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