$220 million transaction builds on the success of SPB’s present portfolio with addition of 47 polished-informal exciting areas
Houston, TX (RestaurantNews.com) At the present time, SPB Hospitality, an business-leading operator and franchisor of steakhouses, pizza and craft brewery exciting areas, launched that it has completed the acquisition of J. Alexander’s Holdings, Inc. [NYSE:JAX]. Upon closing, every allotment of J. Alexander’s same earlier stock used to be converted into the correct to receive $14.00 in money per allotment, which equates to an fairness price of roughly $220 million. The merger used to be overwhelmingly approved by J. Alexander’s shareholders.
J. Alexander’s Holdings operates 47 upscale exciting areas with award-winning brands, alongside with J. Alexander’s, Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill. For better than 30 years, J. Alexander’s Holdings’ company maintain loved fine quality food, a just true looking out ambiance and unparalleled polished carrier.
“This acquisition is a game-changer that advances SPB’s vision of making a finest-in-class hospitality company identified for rising significant experiences and breaking by culinary boundaries,” said SPB Hospitality Chief Executive Officer Jim Mazany. “I’d no longer be extra consuming about the vogue ahead for our SPB Hospitality brands. We’re gay to welcome the J. Alexander’s group to our household and thank them for his or her assistance for the length of the acquisition course of.”
“We now maintain colossal self assurance in SPB’s leadership and their vision for building one in every of the strongest and most successful restaurant groups within the business,” said Morgan McClure, President of SPB Hospitality and Managing Director at Fortress Funding Group of workers. Funds managed by friends of Fortress relish SPB, which used to be created in 2020 to organize its rising portfolio of hospitality brands. “J. Alexander’s time-honored brands and dynamic group are main additions to the SPB household and a predominant step ahead in achieving SPB’s vision.”
J.P. Morgan Securities LLC and Configure Partners LLC served as financial advisors and Hunton Andrews Kurth LLP served as true counsel to SPB Hospitality and Fortress Funding Group of workers.
About Fortress
Fortress Funding Group of workers LLC is a leading, extremely rather a good deal of global investment supervisor with approximately $53.9 billion of property beneath administration as of June 30, 2021. Essentially based in 1998, Fortress manages property on behalf of roughly 1,800 institutional clients and interior most merchants worldwide true by a fluctuate of credit and real estate, interior most fairness and permanent capital investment solutions.
About SPB Hospitality
SPB Hospitality is a leading operator and franchisor of corpulent-carrier eating exciting areas, spanning a nationwide footprint of a complete bunch of exciting areas and breweries in 38 states and the District of Columbia. Essentially primarily based in Houston, the corporate’s diverse portfolio of restaurant brands entails Logan’s Roadhouse, Venerable Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant, and a chain of specialty restaurant ideas. For added data about SPB Hospitality, focus on over with spbhospitality.com.
About J. Alexander’s Holdings, Inc.
J. Alexander’s Holdings is a chain of exciting areas that listen in on offering fine quality food, favorite skilled carrier and a just true looking out ambiance. The Company at the moment operates 47 exciting areas in 16 states. For added data, focus on over with JAlexandersHoldings.com.
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