It looks like Oklahoma’s favorite BBQ grifter has fallen on some tough times.
Thanks to a tip via the Ogle Mole Network, we’ve learned that the Mr. Gatti’s Pizza franchise that Foggy Bottom grifter Brent Swadley opened back in 2023 has been taken over by corporate ownership and is now on the market for a cool $1.9 million.
Or, basically, the cost of a couple of aftermarket BBQ smokers for a Foggy Bottom Grill… with consulting fees.
Details of the sale are located on FranchiseSellers.com.
According to the site, the $1.9 million price tag is a “steal,” and this “rare find” is available because the original owner — a.k.a. Brent Swadley — had spread himself a bit too thin with his “other business interests.”
Well, at least that’s the story they’re spinning:
This is a RARE opportunity to purchase this fully open, operating, and fast-growing Family Entertainment Center (FEC) and restaurant for a fraction of what it would cost new.
You must see this one to believe it! It has been said that the buildout of this location is nicer than any other similarly sized location in the system! This business is a steal at $1.9MM. To recreate this level of build-out in 2025 would likely exceed the highest range of cost estimates in the Franchisor's 2024 Franchise Disclosure Document (FDD). (Per the FDD, the total investment necessary to begin operation of a Mr. Gatti’s FEC ranges from $2,033,733 to $3,608,900 depending on the square footage of the location.)
The original franchisee was spread too thin focusing on other business endeavors, which resulted in the Franchisor’s assumption of the business.
Yep, that’s right!
Like a brittle, flaky layer of pizza crust, the original franchisee had spread himself too thin and was too busy focusing on “other business endeavors” — like, I assume, not going to jail for allegedly defrauding the state out of millions of dollars through fraudulent and over-inflated invoices to build out a chain of Foggy Bottom kitchens at state parks.
You know, run-of-the-mill entrepreneurial issues.
Another website, BizBuySell, took a less PR-ish approach:
The original franchisee had unrelated business issues resulting in the Franchisor’s assumption of the business.
Yeah, I’d say that’s a bit more accurate.
For relevant giggles, I checked out the state’s criminal case against Brent Swadley over on OSCN to see what’s been going on with those “unrelated business issues.”
The case is still slowly moving through the courts, but there have been a bunch of briefs, motions, and other legal terms filed since the story last made the media rounds back in October. For some suspicious reason, the relevant documents aren’t available online, so if any of my Young Attorney Friends out there want to grab them for us next time you're at the courthouse, that would be awesome!
Then again, maybe doing legal research for a snarky local blog is too small-time. Perhaps you have $1.9 million lying around and want to own an all-you-can-eat pizza buffet.
If so, here are the details of the sale:
I’ll admit that I’m not an expert on business valuation, commercial real estate, or family pizza arcade economics — I do have an English degree for a reason — but $1.9 million seems like a steep price to pay for a pizza spot with a large overhead that’s only done $2.7 million in sales.
That’s especially true when most of the cost simply covers brand-new pizza ovens, buffet sneeze guards, Skee-Ball machines, and other FFEs.
Toss in $12K a month in rent and the lack of a long-term track record in that location, and honestly, you’d probably be better off starting your own doomed pizza empire from scratch.
At least then you get to pick the toppings!
Anyway, whether it’s a good or bad deal, I guess it’s not all that surprising that Mr. Gatti’s corporate had to assume ownership of the location so quickly. The deal seemed sketchy from the beginning, and as I wrote way back when we first broke the news...
“When you’re desperate enough to partner with a high-profile grifter who’s under investigation by the Oklahoma Attorney General for fraudulent business practices and ‘possible’ criminal activity, it does make me question the long-term viability of their business model.”
I hate to say I told you so, but… TOLD YOU SO.
In all seriousness, I hope the Mr. Gatti’s people are able to recover their sunk costs faster than the state has! I also hope they check out Louis’s review and — for their sake — improve upon the mediocrity.
Anyway, we’ll continue following this and the Foggy Bottom case and provide updates as they arise.Until then, stay with The Lost Ogle. We’ll keep you advised.
