Next Level Burger (NLB), a plant-based restaurant chain, has acquired financially troubled vegan casual dining chain Veggie Grill from VegInvest for an undisclosed sum.

Veggie Grill previously managed 35 locations across the US but had to close down several due to operational missteps, compounded by a steep drop in lunch trade during the pandemic. As a result, by September 2023, Veggie Grill's operations were down to 17 outlets stretching across California, Oregon, Washington, and Massachusetts.

Following the acquisition, NLB plans to upgrade Veggie Grill's food sourcing to include non-GMO ingredients and all-organic produce and improve the company's operational standards. Other planned improvements include introducing consistent service and hospitality across all Veggie Grill outlets in the US.

Analyst QuickTake: This marks the second instance within the past year that a plant-based company has saved a fellow company from bankruptcy via an acquisition. In 2023, Vegan Food Group (formerly VFC Foods) acquired the Meatless Farm, preventing it from going into receivership.