“Our goal is to focus efforts around the company’s key markets and ensure HopCat, Stella’s and Grand Rapids Brewing Company remain a thriving part of these communities,' he said. “We know the business extremely well from our experiences over the last five years,' Travis Baldwin, founder of Congruent, said in a news release. 'We strongly believe in each restaurant concept and intend to return the company’s focus to providing a unique, best-in-class customer experience.' 'We think it's turned out well and we've saved 11 good businesses and about 500 jobs,' Lidvall said. More: Game plan for game day: East Lansing restaurants unsure what to expect for 1st MSU game More: HopCat in East Lansing closed after employees test positive for COVID 'There were some other issues that the company was dealing with, with some less than productive new locations and some balance sheet problems, but certainly COVID is what pushed it over the edge,' he said. Lidvall had been CEO of BarFly Ventures, prior to the purchase. The company entered bankruptcy proceedings in June, after the outbreak, said Ned Lidvall, CEO of Project BarFly.

have one location each, both in Grand Rapids.Ĭongruent Investment Partners and Main Street Capital secured the assets through BarFly's Chapter 11 bankruptcy for $17.5 million, forming Project BarFly.Ĭongruent and Main Street had been lenders to BarFly, beginning in 2015. Stella's and the Grand Rapid's Brewing Co. HopCat has nine locations, including one in East Lansing. BarFly Ventures, the Michigan-based parent company of the HopCat chain of brewpubs, Stella's Lounge and the Grand Rapids Brewing Co., sold its assets this month to a pair of Texas-based investment firms.

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