Charlie Morgenstern 11 a.m., June 25
Local Restaurant Franchiser Buys Advertising Company
San Diego’s Papa Bello Enterprises, operators of four small restaurant chains, announced this morning that the company has acquired control of Blow Me Away Media, an advertising firm based in Corona.
"This acquisition follows the strategy that was referenced in our June letter to shareholders. In that letter, we stated that the company was open to acquisitions outside our core business of restaurant ownership and development,” said Jim Price, Papa Bello CEO in a press release.
Blow Me Away to date has specialized in digital advertising, placing TV ads in taxis, airports, retail stores, and other “out-of-home” locations. They also place interactive advertising kiosks.
Papa Bello operates four restaurant franchises, including Royal India Express and Kebab Café, with three total restaurants split between the two chains, all in San Diego. Other brands the company controls include Pastore’s (one location in Baltimore, MD), and the signature Papa Bello – no information was available on the number or locations under the name, but a search did not locate any in the company's home market.
Information on the acquisition price and whether any of Blow Me Away’s operations would be relocated to San Diego were not immediately available. Papa Bello stock was trading at $0.12/share as of 9:30 a.m. Pacific time, down 29% on the day.