- HopCat operates 13 bar-restaurant locations – predominantly in Michigan – with strong site economics and a loyal customer base;
- OakNorth’s facility includes a term loan, revolving credit facility, and a delayed draw term loan to support future expansion plans.
Tuesday 4th November, 2025, Chicago, Illinois: OakNorth – the digital bank for entrepreneurs, by entrepreneurs – has provided a senior debt facility to support Uncommon Equity’s acquisition of HopCat, the iconic Michigan-based bar-restaurant group known for its elevated comfort food, extensive craft beer selection, and unique, community-driven atmosphere.
Founded in 2008 in Grand Rapids, Michigan, HopCat operates 12 locations across the state, including its flagship “Stella’s Lounge”, as well as one restaurant in Lincoln, Nebraska. The brand has built a loyal customer base through its scratch-made food, rotating taps of 40+ local beers, and localised site designs, becoming a staple of the Midwest casual dining scene.
Uncommon Equity pairs capital, operational expertise, and leadership talent with firms in niche service, multi‑unit and growth‑oriented markets to unlock exceptional value. Its model focuses on structuring bespoke, non‑fund‑style investments where each company is evaluated on its own merit and timeline. It sources “off‑the‑run” opportunities – that is, companies outside typical large PE radar – where disciplined backing can create outsized value.
Connor Bieling, Director of Debt Finance at OakNorth, commented: “HopCat is a well-established business – beloved by locals, operationally resilient, and poised for smart, measured expansion. HopCat stands out in a highly competitive sector in both financial performance and guest experience. We’re proud to back Uncommon Equity’s acquisition and support HopCat’s next chapter.
Dan Kipp, Co-Founder & CEO of Uncommon Equity, continued: “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 focus on great, value-priced food served in a friendly, neighborhood atmosphere. The OakNorth team was thoughtful, fast-moving, and genuinely interested in our vision. Their flexible capital structure and collaborative approach made them the ideal funding partner.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with $5m-$100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $18bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 58,000 jobs, and over 36,000 new homes across the US and the UK – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
For more information about OakNorth, please visit www.oaknorth.co.uk
For press inquiries, please email: [email protected]
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.
For more information about HopCat, please visit www.hopcat.com/
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