Diversified Restaurant Holdings, Inc. and ICV Partners Complete Merger

TROY, Mich.--(BUSINESS WIRE)-- Diversified Restaurant Holdings, Inc. (Nasdaq: SAUC, "DRH" or the "Company") today announced the completion of its previously announced merger with investment entities affiliated with ICV Partners, LLC (together with its affiliates, “ICV”). Under the terms of the merger agreement, an affiliate of ICV acquired all of the outstanding shares of DRH for $1.05 per share in cash.

With the closing of the transaction, DRH’s common stock will cease to trade on NASDAQ at market close today and will be delisted. Letters of transmittal allowing former DRH stockholders to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed promptly.

About Diversified Restaurant Holdings, Inc.

Diversified Restaurant Holdings, Inc. is one of the largest franchisees for Buffalo Wild Wings. Additional information is available at www.diversifiedrestaurantholdings.com.

About ICV Partners

Founded in 1998, ICV Partners is a leading private investment firm that supports management leaders of strong lower middle market companies. Over its first four funds, the principals of ICV have crafted a strong track record of helping companies expand their footprint and improve performance over the long term and across a variety of industries. Additional information is available at www.icvpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200225005971/en/

Chris Tofalli
Chris Tofalli Public Relations
914-834-4334

Source: Diversified Restaurant Holdings, Inc.

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