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BurgerFi International
BurgerFi International was formed through the 2020 business combination of the BurgerFi fast-casual chain and a special-purpose acquisition company (SPAC)...
BurgerFi International
BurgerFi International was formed through the 2020 business combination of the BurgerFi fast-casual chain and a special-purpose acquisition company (SPAC) led by Ophir Sternberg, who served as CEO. The deal, completed in December 2020, gave the combined entity a listing on Nasdaq under the ticker BFI, with Sternberg's Lionheart Capital contributing family-office capital to the transaction. The company went public with approximately 100 corporate and franchised locations, primarily in the southeastern US. The firm's strategy blends corporate-owned store operations with franchise licensing, targeting the "better burger" segment of the quick-service market. BurgerFi's menu emphasizes antibiotic-free beef, Angus patties, and beer-battered onion rings, while Anthony's Coal Fired Pizza, acquired in 2021, adds an Italian-casual brand to the portfolio. Deployment has focused on new unit growth in suburban markets and real estate acquisition for free-standing locations, though recent filings show slowed expansion due to industry cost pressures. As of mid-2024, BurgerFi International reported about 125 total locations across both brands, with revenues declining year-over-year amid inflation and labor shortages in the restaurant sector. The firm maintains dual headquarters in Miami and North Palm Beach, Florida, reflecting its ties to Sternberg's broader family-office ecosystem at Lionheart Capital. A recent operational event: In March 2024, the company announced a strategic review exploring a sale of Anthony's Coal Fired Pizza to streamline operations and reduce debt (per SEC filing, March 2024). What structurally distinguishes BurgerFi International is its hybrid as a publicly-traded entity with family-office sponsorship — a setup that subjects it to shareholder accountability while still benefiting from Sternberg's private capital and real estate relationships. This architecture allows flexible access to public equity markets for growth while maintaining the operational control typical of a single-family office.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Miami
Corporate office
Miami, Florida, United States
Additional offices
North Palm Beach, FL, United States
Sector focus
Frequently asked questions
Who controls investment and operational decisions at BurgerFi International?
Ophir Sternberg, founder of Lionheart Capital, has been the driving force behind the company, serving as CEO through the SPAC merger and subsequent years. Day-to-day restaurant operations are managed by a professional executive team, but strategic capital allocation — including store growth, brand acquisitions, and real estate decisions — falls under Sternberg's family-office framework (per SEC filings, 2020-2024).
How does BurgerFi International use its family-office structure differently from a typical restaurant chain?
Rather than relying solely on franchisee capital or debt financing, BurgerFi International can deploy family-office equity for real estate purchases, store construction, and brand acquisitions. This allows it to own property rather than lease, a structural advantage when private capital from Lionheart fills gaps that traditional lenders avoid.
Is BurgerFi International still majority-owned by Ophir Sternberg's family office?
As of the most recent proxy filings, Lionheart Capital and Ophir Sternberg held a controlling stake just under 50% of shares, giving effective control over board composition and major transactions. Public shareholders and institutional investors own the remainder (per SEC filings, 2024).
What investment stages does BurgerFi International target with its capital?
The firm deploys capital at the growth stage — building new corporate-owned restaurant locations, acquiring complementary brands (like the 2021 Anthony's Coal Fired Pizza purchase), and investing in real estate for free-standing store sites. It does not typically engage in early-stage venture investing or external fund commitments.
Which sectors does BurgerFi International explicitly avoid?
The firm focuses exclusively on the quick-service and fast-casual dining segments, with a specific emphasis on burger and pizza concepts. It has no disclosed exposure to other restaurant formats, retail, or non-restaurant asset classes.
How is BurgerFi International related to Lionheart Capital?
Lionheart Capital, a Miami-based single-family office founded by Ophir Sternberg, is the controlling shareholder of BurgerFi International. The family office provides strategic oversight, real estate expertise, and access to private capital, while BurgerFi operates as a standalone public company with its own board and management team.
What is BurgerFi International's known posture on franchise licensing versus corporate store ownership?
BurgerFi International pursues a hybrid model: it owns and operates a portion of its stores directly (using family-office capital for real estate and build-out) while franchising others to independent operators. This balance allows it to maintain brand consistency in key markets while scaling through third-party capital.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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