Uncommon Equity Acquires HopCat Chain

Chicago private equity firm Uncommon Equity LLC has acquired Grand Rapids–based Project BarFly LLC, owner of the HopCat restaurant chain and Stella’s Lounge, purchasing all 12 HopCat locations (11 in Michigan, one in Lincoln, Neb.) and Stella’s; financial terms were not disclosed. Uncommon says it will grow the brand while preserving HopCat’s neighborhood pub vibe, value-priced from-scratch menu and expansive craft-beer selection, including its signature Cosmik Fries. HopCat CEO Craig Stage and Executive Chairman Ned Lidvall will remain in leadership roles, while Uncommon co-founder Dan Kipp and other operating partners will join the company’s board. The sale comes five years after Project BarFly emerged from a 2020 Chapter 11 bankruptcy and a $17.5 million purchase by Congruent Investment Partners and Main Street Capital. HopCat currently employs roughly 950 people.