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Diversified Restaurant Holdings Completes Follow-On Equity Offering

SOUTHFIELD, Mich., April 23, 2013 (GLOBE NEWSWIRE) -- Diversified Restaurant Holdings, Inc. (Nasdaq:BAGR) ("DRH" or the "Company"), the creator, developer, and operator of the unique, full-service, ultra-casual restaurant and bar Bagger Dave's Legendary Burger Tavern ® ("Bagger Dave's") and one of the largest franchisees for Buffalo Wild Wings ® ("BWW"), announced today the completion of an underwritten public offering of 6.0 million shares of its common stock at a price to the public of $5.00 per share. The gross proceeds to DRH from the offering were $30.0 million, before deducting underwriting discounts and commissions and other offering expenses. The Company has granted the underwriters a 45-day option to purchase, at the offering price, up to an additional 900,000 shares of common stock to cover over-allotments, if any.

Dougherty & Company LLC served as sole bookrunner and lead underwriter for the offering.  Feltl and Company, Inc. acted as co-manager for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission ("SEC").  The SEC declared the registration statement effective on April 17, 2013. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering was made only by means of a prospectus filed with the SEC.  A copy of the prospectus related to the offering can be obtained from the SEC's website at www.sec.gov , from Dougherty & Company LLC at pmachmeier@doughertymarkets.com, or from Feltl and Company, Inc. at spbitzan@feltl.com.

About Diversified Restaurant Holdings

Diversified Restaurant Holdings, Inc. ("DRH" or the "Company") is the creator, developer, and operator of the unique, full-service, ultra-casual restaurant concept, Bagger Dave's Legendary Burger Tavern ® ("Bagger Dave's") and one of the largest Buffalo Wild Wings ® ("BWW") franchisees. Between the two concepts, the Company currently operates 45 corporate-owned restaurants in Michigan, Florida, Illinois, and Indiana, and one franchised Bagger Dave's in Missouri, for a total of 46 restaurants. The Company routinely posts news and other important information on its website at www.diversifiedrestaurantholdings.com .

Bagger Dave's offers a full-service, family-friendly restaurant and bar with a casual, comfortable atmosphere. The menu features freshly-made burgers, accompanied by more than 30 toppings from which to choose, along with fresh-cut fries, hand-dipped milkshakes, and a selection of craft beer and wine. Signature items include Sloppy Dave's BBQ ®, Train Wreck Burger ®, and Bagger Dave's Amazingly Delicious Turkey Black Bean Chili ®. The Bagger Dave's concept emphasizes local flair by showcasing historical photos of the city in which each restaurant resides and features an electric train that runs above the dining room and bar areas. Currently, there are 11 corporate-owned locations and one franchised location. For more information, visit www.baggerdaves.com .

DRH operates 34 BWW restaurants: 16 in Michigan, 10 in Florida, 4 in Illinois and 4 in Indiana. The Company has opened 20 new BWW restaurants in fulfillment of its 32-restaurant Area Development Agreement ("ADA") with franchisor Buffalo Wild Wings, Inc. (Nasdaq:BWLD). The remaining 12 restaurants under the ADA agreement, along with an additional franchise agreement in Indiana, suggest that the Company will operate 47 BWW restaurants by 2017.

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