SPB Hospitality Completes Acquisition of J. Alexander’s Holdings, Inc. | Texas
HOUSTON, September 30, 2021 / PRNewswire / – Today, SPB Hospitality, a leading operator and franchisor in the steakhouse, pizza and craft brewery industry, announced that it has completed the acquisition of J. Alexander’s Holdings, Inc. [NYSE:JAX]. At closing, each ordinary share of J. Alexander was converted into a right to receive $ 14.00 in cash per share, which equates to a net worth of approximately $ 220 million. The merger was overwhelmingly approved by the shareholders of J. Alexander.
J. Alexander’s Holdings operates 47 premium restaurants with award-winning brands including J. Alexander’s, Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill. For more than 30 years, clients of J. Alexander’s Holdings have enjoyed high quality cuisine, an inviting ambience and unparalleled impeccable service.
âThis acquisition is a game-changer that advances SPB’s vision of creating a premier hospitality business known for creating exceptional experiences and transcending culinary boundaries,â said the CEO of SPB Hospitality. Jim mazany. âI couldn’t be more excited about the future of our SPB Hospitality brands. We are delighted to welcome the J. Alexander team into our family and thank them for their help throughout the acquisition process. “
âWe have enormous confidence in SPB’s leadership and its vision to build one of the strongest and most successful restaurant groups in the industry,â said Morgan mcclure, Chairman of SPB Hospitality and Managing Director of Fortress Investment Group. Funds managed by Fortress subsidiaries own SPB, which was established in 2020 to manage its growing portfolio of hotel brands. âThe ancestral brands and dynamic team of J. Alexander are important additions to the SPB family and a big step forward in realizing the SPB vision.
JP Morgan Securities LLC and Configure Partners LLC acted as financial advisers and Hunton Andrews Kurth LLP acted as legal advisers to SPB Hospitality and Fortress Investment Group.
About the fortress
Fortress Investment Group LLC is a leading and highly diversified global investment manager with approximately $ 53.9 billion of assets under management June 30, 2021. Founded in 1998, Fortress manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide through a range of credit and real estate, private equity and permanent capital investment strategies.
About SPB Hospitality
SPB Hospitality is a leading full-service restaurant operator and franchisor, spanning a nationwide footprint of hundreds of restaurants and breweries in 38 states and the District of Colombia. Situated at Houston, the company’s diverse portfolio of restaurant brands includes Logan’s Roadhouse, Old Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant and a collection of specialty restaurant concepts. For more information on SPB Hospitality, visit spbhospitality.com.
On J. Alexander’s Holdings, Inc.
J. Alexander’s Holdings is a collection of restaurants that focus on providing high quality cuisine, exceptional professional service and an engaging ambience. The Company currently operates 47 restaurants in 16 states. For more information, visit JAlexandersHoldings.com.
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SOURCE SPB Hospitality