Food & Beverage

Tea company to buy 120-year-old Angelo's Pizza, accept Bitcoin

Photo: iStock.

July 13, 2021

Tea distributor, Bit Brother Limited plans to acquire 51% of the 120-year-old Angelo's Pizza brand, including Angelo's Pizza 1697 Inc., 1279 1st Avenue LLC and 60th Street Restaurant Corporation. Upon the completion of the acquisition, all three chain restaurants will accept cryptocurrency as a form of payment, a news release said.

Angelo's Pizza plans to expand into rapidly growing international markets such as Canada, Japan, South Korea, China, Singapore, Australia, and New Zealand. The overseas branches will focus on takeout and delivery services, with limited dine-in seating. In fact, Angelo's Pizza is plans to open up 1,000 branches overseas within the next five years.

All branches in countries outside of China will accept Bitcoin and other undisclosed payment methods to allow customers more payment flexibility, the company said.

Under terms of the deal, the total consideration for 51% of equity interest in Angelo's Pizza is $12.5 million, of which 50% will be paid in cash and 50% will be paid in the company's ordinary shares.

"With Bit Brother's experience in the catering industry, and Angelo's Pizza's rich history, we believe this opportunity will bring growth to all parties involved," Xianlong Wu, Bit Brother CEO, said in the release. "Along with our plans to expand a restaurant with decades of success to have a global reach, we will be able to continue to grow our Bitcoin payment business."

Bit Brother Limited, previously known as Urban Tea Inc., was created in late 2011 in the British Virgin Islands. Its business currently consists of the distribution and retail of specialty tea products.