Skip navigation

SWRG discloses details of post-buyout set-up

NEW YORK After the pending acquisition of The Smith & Wollensky Restaurant Group is completed, the company's upscale New York restaurants will be spun off into a new concern called Fourth Wall Restaurants, which Michael Stillman, the son of founder Alan Stillman, will serve as president, SWRG revealed.

Fourth Wall's holdings would include SWRG's newest concept, Park Avenue Summer, whose name will change four times a year to reflect the season, according to press materials for the venture.

Fourth Wall's other restaurants would include Quality Meats, Maloney & Porcelli, The Post House and Smith & Wollensky New York, the prototype for SWRG's namesake steakhouse chain.

SWRG agreed earlier this year to be acquired by Patina Restaurant Group principals Nick Valenti and Joachim Splichal and Bunker Hill Capital L.P. for $11 per share, or approximately $90 million. As part of the deal, Patina agreed to sell SWRG's New York properties to Stillman.

Another suitor, Landry's Restaurant Group, had opposed a spin-off of the restaurants to Stillman. In its offer to buy the company, Landry's specified that it would keep the New York properties.

It was subsequently outbid by the Valenti and Splichal group.

The purchase of SWRG is expected to close this year.

TAGS: News
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish