Uncommon Equity LLC (“UEQ”), a private investment partnership headquartered in Chicago, Illinois, is pleased to announce its acquisition of Grand Rapids-based Project BarFly, LLC d/b/a HopCat (“HopCat” or the “Company”). HopCat is a beloved casual restaurant group in Michigan, with 12 restaurants across the state, including a unique location in Grand Rapids named “Stella’s Lounge”, plus one restaurant in Lincoln, Nebraska. Financial terms of the transaction were not disclosed.

Founded in 2008, HopCat was an early leader in the craft brew restaurant segment and has since evolved to become a leading regional neighborhood casual dining brand offering scratch-made, craveable food, a diverse and localized selection of craft beers, house-created cocktails, and a friendly, guest-focused dining experience.

Dan Kipp, Co-Founder & CEO of Uncommon Equity, commented, “We are excited to be acquiring HopCat at this pivotal point in time and to partner with Chairman Ned Lidvall, CEO Craig Stage, CFO Andrew Woodruff and 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.” Mr. Kipp will be joining HopCat’s Board of Directors pursuant to the transaction, along with Executive Chairman Ned Lidvall (who will remain in his current position), and UEQ Operating Partners Gary Graves and Rob Selati. Mr. Selati will also be a strategic investor with UEQ through his Saxonwold Capital investment arm.

“We see this transition not as a change of direction, but as a continuation of what HopCat does best – bringing people together,” said CEO Craig Stage. “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.”

Senior debt for the transaction was provided by OakNorth Bank PLC. Much Shelist, P.C. served as legal counsel to UEQ. Mastodon Ventures, Inc. acted as financial advisor to the Company, with Hallet & Perrin, P.C. serving as sell-side legal counsel.

About HopCat

Founded in 2008 in Grand Rapids, Michigan, HopCat is a beloved regional restaurant known for its energetic atmosphere, creative and craveable comfort food, and diverse craft beer and house-created cocktail offerings. Each HopCat location features dozens of rotating craft beers on tap, with a strong emphasis on local and regional selections, alongside a menu of scratch-made favorites like HopCat’s signature Cosmik Fries, burgers, and shareable pub classics.

HopCat has earned a loyal following across Michigan and the Midwest, becoming a go-to gathering place for craft beer enthusiasts and casual diners alike. The brand’s mission—to bring people together over great food, drink, and conversation—remains at the heart of its identity. Under new ownership, HopCat will continue to build on its strong foundation while investing in menu innovation, guest experience, and community partnerships to fuel its next phase of growth.

About Uncommon Equity

Uncommon Equity is a Chicago based private investment firm dedicated to leading direct investments that pair capital with businesses in a bespoke fashion. Investing on behalf of our exclusive network of private market investors, Uncommon Equity takes a thematic approach to investing in firms with inspired leadership and attractive niche positions. Uncommon Equity selectively seeks opportunities to invest up to $100 million of equity capital and is currently investing behind themes including multi-unit and franchised businesses, consumer goods & services, and residential, commercial and industrial services. Uncommon Equity’s aim is to create lasting value for our investors, the companies in which we invest, and the broader stakeholders touched by our companies. For more information about Uncommon Equity please visit www.uncommonequity.com.

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