HOUSTON, Sept. 30, 2021 /PRNewswire/ -- Today, SPB
Hospitality, an industry-leading operator and franchisor of
steakhouses, pizza and craft brewery restaurants, announced that it
has completed the acquisition of J. Alexander's Holdings, Inc.
[NYSE:JAX]. Upon closing, each share of J. Alexander's common stock
was converted into the right to receive $14.00 in cash per share, which equates to an
equity value of approximately $220
million. The merger was overwhelmingly approved by J.
Alexander's shareholders.
J. Alexander's Holdings operates 47 upscale restaurants with
award-winning brands, including J. Alexander's, Stoney River
Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus
Grill. For more than 30 years, J. Alexander's Holdings' guests have
enjoyed high-quality food, an attractive ambiance and unparalleled
polished service.
"This acquisition is a game-changer that advances SPB's vision
of building a best-in-class hospitality company known for creating
exceptional experiences and breaking through culinary boundaries,"
said SPB Hospitality Chief Executive Officer Jim Mazany. "I could not be more excited about
the future of our SPB Hospitality brands. We're thrilled to welcome
the J. Alexander's team to our family and thank them for their
assistance throughout the acquisition process."
"We have enormous confidence in SPB's leadership and their
vision for building one of the strongest and most successful
restaurant groups in the industry," said Morgan McClure, President of SPB Hospitality and
Managing Director at Fortress Investment Group. Funds managed by
affiliates of Fortress own SPB, which was created in 2020 to manage
its growing portfolio of hospitality brands. "J. Alexander's
time-honored brands and dynamic team are significant additions to
the SPB family and a major step forward in achieving SPB's
vision."
J.P. Morgan Securities LLC and Configure Partners LLC served as
financial advisors and Hunton Andrews Kurth LLP served as legal
counsel to SPB Hospitality and Fortress Investment Group.
About Fortress
Fortress Investment Group LLC is
a leading, highly diversified global investment manager with
approximately $53.9 billion of assets
under management as of June 30, 2021.
Founded in 1998, Fortress manages assets on behalf of approximately
1,800 institutional clients and private investors worldwide across
a range of credit and real estate, private equity and permanent
capital investment strategies.
About SPB Hospitality
SPB Hospitality is a leading operator and franchisor of
full-service dining restaurants, spanning a national footprint of
hundreds of restaurants and breweries in 38 states and the
District of Columbia. Based in
Houston, the company's diverse
portfolio of restaurant brands includes Logan's Roadhouse, Old
Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery,
Gordon Biersch Brewery Restaurant, and a collection of specialty
restaurant concepts. For more information about SPB Hospitality,
visit spbhospitality.com.
About J. Alexander's Holdings, Inc.
J.
Alexander's Holdings is a collection of restaurants that focus on
providing high-quality food, outstanding professional service and
an attractive ambiance. The Company presently operates 47
restaurants in 16 states. For additional information, visit
JAlexandersHoldings.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/spb-hospitality-completes-acquisition-of-j-alexanders-holdings-inc-301389271.html
SOURCE SPB Hospitality