BRENTWOOD Tenn. The 20-unit Santa Fe Cattle Co. steakhouse chain has been infused with $2 million in expansion capital through the sale of restricted stock to two hedge funds, parent Santa Fe Holding Co. said Thursday
The proceeds will be used to lock up sites for development in 2008 and ’09, chairman Danny York said in a statement. Ten locations have already been secured, with construction under way at four of them, York indicated.
Midtown Partners & Co., a Tampa, Fla.-based investment banking firm, handled the placement, Santa Fe said. The hedge funds that bought the restaurant company’s restricted stock were not identified, but Santa Fe said they control more than $4 billion in assets.
Santa Fe said its revenues for the first 48 weeks of 2007 totaled $29.9 million, a 57-percent increase over the same period a year ago. The Brentwood, Tenn.-based company said it opened its eighth new restaurant during the year on Dec. 10, with two more slated to fire up their grills before year-end.
Santa Fe was founded in 1996 by York and president John Davis.