Popular Grand Rapids restaurants HopCat and Stella’s Lounge were sold last month, Oct. 29, to Uncommon Equity LLC, a private equity firm based in Chicago.

According to a release from Business Wire, Uncommon Equity chooses to invest in firms they believe have “inspired leadership and attractive niche positions.”

Co-Founder and CEO of Uncommon Equity Dan Kipp is enthusiastic about new involvement with HopCat.

“We are excited to be acquiring HopCat at this pivotal point in time and to partner with their leadership team to carefully grow the HopCat brand while continuing their maniacal focus on great, value-priced food served in a friendly, neighborhood atmosphere,” Kipp said.

HopCat and Stella’s Lounge were previously owned by Congruent Investment Partners and Main Street Capital who acquired the restaurants from BarFly Ventures in October 2020.

It’s unclear why the restaurants have changed ownership yet again in just five years. HopCat CEO Craig Stage, who will be maintaining his position under new ownership, is optimistic about the change.

“We’re excited to partner with Uncommon Equity and their experienced Operating Partners to invest in the team, new locations and innovation while preserving the local and Midwest hospitality that has always defined the brand,” Stage said.

Uncommon Equity also owns Rackson Restaurants and Redberry Restaurants, large franchises comprised of Burger King, Taco Bell, Jersey Mike’s Subs and Dave’s Hot Chicken based in the northeastern United States and Canada.