A private investor group led by subfranchisor Jeffrey Endervelt has completed its acquisition of restaurant group Blimpie International, meaning that Blimpie is no longer a public company and its shares have ceased to trade on the US Stock Exchange.

Under the terms of the agreement approved by Blimpie shareholders on 27 December, each outstanding share of common stock has been converted into the right to receive US$2.8 in cash. There were approximately 9,163,659 shares of Blimpie common stock outstanding.

Former Blimpie shareholders will shortly receive transmittal materials from the Exchange Agent, Registrar and Transfer Company, for use in exchanging their shares for the cash merger consideration.

The investor group also includes Blimpies' founder Tony Conza, who will continue with the company in an advisory capacity.

Blimpies' new Board of Directors includes Endervelt as Chairman, president and CEO; Jeffrey Langfelder as Senior VP, business development; Spencer Gillette as Executive VP; Bob Sitkoff as executive VP; Spencer Gillette; Brian Lane as CFO; Daniel Dean; John O. Utendahl and Raymond Villaman.