SPB Hospitality, parent to Logan’s Roadhouse and several brewery brands, has agreed to acquire the 47-unit J. Alexander’s Holdings Inc. in a $220 million deal, the companies said Friday.
SPB Hospitality, which is moving its headquarters to Houston, said it agreed to pay $14 a share in an all-cash merger with Nashville, Tenn.-based J. Alexander’s, which also owns such steakhouse, pizza and brewery concepts as Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill.
The deal is expected to close early in the fourth quarter, subject to customary closing conditions including the approval of the merger by J. Alexander’s shareholders, the companies said.
“We are honored to acquire these storied brands and look forward to welcoming this experienced team into the SPB family,” said Jim Mazany, SPB Hospitality CEO, in a statement.
SPB Hospitality, which emerged from Craftworks Holdings bankruptcy last year, owns and franchises full-service restaurants, including Logan’s Roadhouse, Old Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant and specialty restaurant concepts.
“This acquisition advances our vision to become the industry leader and a pioneer of hospitality, while developing our portfolio of brands and delivering best-in-class returns, one great restaurant at a time,” Mazany said.
Morgan McClure, president of SPB Hospitality and managing director at SPB parent Fortress Investment Group LLC, added: “J. Alexander’s exceptional team and established brands mark an important addition to the SPB family and a significant step forward in achieving SPB’s vision.”
J.P. Morgan Securities LLC and Configure Partners LLC served as financial advisers and Hunton Andrews Kurth LLP served as legal counsel to SPB Hospitality and Fortress Investment Group. Piper Sandler & Co. served as financial adviser to J. Alexander’s Holdings Inc. and Bass, Berry & Sims PLC acted as the company’s legal counsel.
SPB has locations in 38 states and the District of Columbia. J. Alexander’s Holdings has restaurant in 16 states.
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