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— Deals —
Many casual-restaurant chains are weighing strategic options, and some are feeling the bankruptcy heat. Here's a look at some on the block, others that have filed and some that are the subject of speculation. Oct. 15: Private equity circles Rubio's Restaurants, again: Carlsbad, Calif., Mexican-themed dining chain Rubio's Restaurants Inc. has received its second buyout offer in as many years. The
company announced late Wednesday that it had received a proposal valued
at $8 per share, or about $80 million, from shareholder Alex Meruelo
and private equity firm Levine Leichtman Capital Partners
IV LP. The bidders sent Rubio's a letter that as of Thursday morning
had not yet been disclosed in Securities and Exchange Commission
filings. - Demitri Diakantonis Oct. 14: Bunker Hill puts Papa Gino's on the block: Boston private equity firm Bunker Hill Capital has hired Houlihan, Lokey, Howard & Zukin Inc. to explore a sale of restaurant chain operator Papa Gino's Holdings Corp., according to industry sources. Calls to Bunker Hill, which acquired the chain in 2005 for undisclosed terms from BancBoston Capital Inc., and Houlihan Lokey were not immediately returned. Sources
said dealbooks for the $20 million Ebitda company went out in the past
two to three weeks. Papa Gino's could fetch 6 times its Ebitda, or
around $120 million, they said. - Demitri Diakantonis Fired Up, Inc. San Francisco private equity firm Rosewood Capital has hired Piper Jaffray & Co. to explore a sale of Fired Up Inc., the operator of Italian casual dining chain Carino's Italian Grill, according to sources. (More here.) - Demitri Diakantonis Uno Restaurant Holdings Corp. The pizza restaurant
chain's owner, Los Angeles private equity firm Centre Partners
Management LLC, has hired Jefferies & Co. to work on a debt
restructuring or a debt-for-equity swap for the chain, sources said. - Demitri Diakantonis Lobster Shack Inc. Redwood
City, Calif.-based Lobster Shack, a seafood restaurant, has filed for
Chapter 7 liquidation with $13,520 in assets and $300,523 in
liabilities. Good Times Restaurants, Inc. Denver, Colo. fast food restaurant operator Good Times Restaurants Inc. said Aug. 14 that it retained Austin, Tex. strategic advisory firm Mastodon Ventures Inc. to help it evaluate strategic alternatives. - Demitri Diakantonis Golden Restaurants Inc. Houston-based Golden Restaurants, a franchisee of Golden Corral Corp. brand restaurants, filed for bankruptcy on the eve of Guillermo Perales--owner of numerous franchisees in the restaurant business, including Golden--having to give testimony in litigation regarding a civil judgment brought by a former employee that was raped in a restaurant belonging to a Golden affiliate. The debtor listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition. Five affiliates also submitted separate petitions. Ruby Tuesday Inc. Casual dining chain operator Ruby Tuesday Inc. announced July 20 that it will offer 10 million shares of common stock. The Maryville, Tenn., company expects to receive up to $84.4 million in proceeds, according to Securities and Exchange Commission filings. Ruby Tuesday had been reviewing options to restructure its debt since October. - Demitri Diakantonis Alset Owners LLCA portion of the stable of Checker's and Rally's restaurants owned by Alset Owners LLC is set to be served up to suitors in August. According to papers filed Wednesday, July 8, with the U.S. Bankruptcy Court for the District of Delaware in Wilmington, Judge Brendan L. Shannon has approved bidding procedures that put at least 28 of Alset's 78 Rally's and Checker's restaurants up for sale. - Ben Fidler Real Mex Restaurants Inc. Boasting the largest casual-dining Mexican chain in the U.S., Real Mex it has completed an offering of senior secured notes with $117 million in proceeds, giving it more breathing room amid the economic weakness. The Cypress, Calif., operator, formerly controlled by Boca Raton, Fla.-based Sun Capital Partners Inc. and now owned by a group led by New York private equity firm Kohlberg Kravis Roberts & Co., said in a June 10 regulatory filing that it planned to use the proceeds to refinance its senior secured notes due April 1, 2010, and for general corporate purposes. - Vyvyan Tenorio
Visit the complete Dealwatch ArchiveComments
From: Kevin Weakland,
With the economy in the dumpster, it may be time to look at new and less costly restaurant theme like Cereal Chillers, Inc. We are a cereal cafe and ice creamery offering a unique and different blend of product lines that are inexpensive and affordable. Customers are very cost sensitive and looking for the best bang for their buck.
Posted on:
October 30, 2008 12:41 PM
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Any information on Roma Corp. (Tony Roma's)?