Rubio's to be sold to Mill Road for $91MRubio's to be sold to Mill Road for $91M

Lisa Jennings

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Carlsbad, Calif.-based said Monday that its board had unanimously approved the proposed merger, which is expected to close during the third quarter, pending shareholder approval.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio’s had previously rejected a buyout offer of $85 million, or $8.50 per share, from investor Alex Meruelo and private-equity firm Levine Leichtman Capital Partners in January. At the time, the company had already rejected an offer of $80 million from Levine Leichtman in October.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio’s is the latest in an ongoing parade of restaurant company acquisition deals. In recent weeks, Dave & Buster’s Inc., CKE Restaurants Inc., Papa Murphy’s International Inc., Wingstop Restaurants Inc., and On the Border have agreed to an ownership change, and more are expected as the recovering economy makes foodservice brands an increasingly attractive target.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

“Mill Road Capital’s desire to add Rubio’s to its portfolio underscores our strategy within fast casual, which continues to be the fastest-growing segment of the restaurant industry," said Dan Pittard, Rubio’s president and chief executive. “Mill Road brings an extensive knowledge of the fast-casual segment. I am confident that this combination will create opportunities for our employees and positions us well for the future.”Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Loren Pannier, chairman of Rubio’s special board committee that recommended the transaction, said the transaction represents a 14-percent premium over the closing share price of Rubio’s common stock of $7.66 on Friday. That price was about 17 percent over the closing price of $7.41 on Oct. 29, 2009, the last trading day before the company announced that it would explore strategic alternatives.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Greenwich, Conn.-based Mill Road Capital, which owns about 4.9 percent of Rubio's outstanding shares, specializes in publicly traded companies “under $250 million in size,” according to the firm’s website. Last year, the investment firm made a $27.9 million bid for Scottsdale, Ariz.-based Kona Grill Inc., which rejected the offer as too low.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Scott Scharfman, Mill Road Capital’s managing director, said, “As a long-term shareholder, Mill Road Capital is delighted to have the opportunity to increase its investment in the great institution that Ralph Rubio created 27 years ago and to work with Dan Pittard and his talented team in executing their strategic plan and building an even greater Rubio’s.”Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Also Monday, Rubio’s reported first-quarter net income of $367,000, or 4 cents per share, compared with earnings of $245,000, or 2 cents per share, a year ago. The March 28-ended first quarter included $170,000 of one-time expenses associated with the company's evaluation of strategic alternatives.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Revenue in the first quarter totaled $46.7 million, up 1 percent from $46.3 million for the year-ago quarter. Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Same-store sales dipped 1.8 percent for the first quarter, compared with an increase of 1.9 percent in the same quarter last year. The drop in the recent quarter reflected a decrease in transaction volume that offset an increase in average check.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's blamed the sales decline on bad weather and “ongoing unemployment challenges” in California, a core market for the brand.Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Contact Lisa Jennings at [email protected]. Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.

Rubio's Restaurants Inc., the parent company of the 195-unit fast-casual Rubio's Fresh Mexican Grill chain, has agreed to a buyout offer from private-equity firm Mill Road Capital LP valued at $91 million, or $8.70 per share.