Deal will reduce the ownership of current majority owner Shidax Corp.
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Onsite hospitality and foodservice management company Delaware North Cos. has agreed to acquire a majority stake in the bi-coastal Patina Restaurant Group, the company said Friday.
Terms were not disclosed, but the deal will reduce the ownership of current majority owner Shidax Corp., one of Japan’s largest foodservice companies. Once the deal closes, which is expected by the end of the first quarter, Shidax will continue to hold a minority stake in Patina Restaurant Group.
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The result of a partnership between Los Angeles chef Joachim Splichal’s Patina Group and New York restaurateur Nick Valenti’s Restaurant Associates, Patina Restaurant Group operates about 60 high-end and casual-dining restaurants on the East and West Coasts, as well as foodservice venues in museums and cultural centers. The company also has a prominent catering division on the West Coast known for feeding the glamorous throngs at annual high-profile events like the Emmy Awards in Los Angeles.
Patina Group and Restaurant Associates merged in 2006 when Shidax bought elements of the companies from their former parent Compass Group PLC, a global foodservice contract firm based in London. The new company was renamed Patina Restaurant Group.
Jeremy Jacobs, Jr., principal of Buffalo, N.Y.-based Delaware North, called Patina Restaurant Group “one of the most respected restaurant companies in North America, with an unequaled group of world-class venues and restaurant locations.
“Nick Valenti and founder/chef Joachim Splichal have built an exceptional company focused on culinary excellence and outstanding service that we are proud to add to Delaware North’s world-class portfolio,” he said in a statement.
Under the agreement, Valenti will remain in his position as chief executive and Splichal will remain in his position as founder/chef.
With the addition of Patina Restaurant Group, Delaware North’s revenue is expected to top $3 billion in 2014, and the employee count will near 60,000.
Delaware North’s family of companies operate hospitality venues at national parks and resorts, such as the Ahwahnee in Yosemite National Park; foodservice at locations like The Plaza in New York and Wembley Stadium in London; as well as casinos, travel centers and sports facilities around the world.
“Joachim and I are delighted to now be a part of Delaware North, a company we’ve admired for many years,” said Valenti in a statement. “We share a common philosophy centered on providing memorable dining with superior service to our guests.”
On the West Coast, portfolio restaurants include Patina in the Walt Disney Concert Hall in Los Angeles; Nick & Stef’s Steakhouse, Café Pinot at the Maguire Gardens, Catal and three other concepts at Anaheim’s Downtown Disney; Leatherby’s Café Rouge at the Segerstrom Center for the Arts; foodservice at the Hollywood Bowl; and Pinot Brasserie in Las Vegas.
On the East Coast, Patina Restaurant Group operates Lincoln Ristorante at Lincoln Center, Rock Center Café, The Sea Grill, Brasserie, Café Centro, Naples 45, The Grand Tier Restaurant at the Metropolitan Opera, and La Fonda Del Sol. In Florida, the company operates Tutto Italia Ristorante at the Epcot World Showcase in Orlando, Fla.
Contact Lisa Jennings at [email protected].
Follow her on Twitter: @livetodineout
