Lamar Advertising Buys NextMedia Outdoor

NextMedia Group said late Tuesday that it has sold NextMedia Outdoor, its outdoor advertising unit, to Lamar Advertising Co. for $145 million. Englewood, Colo.-based NextMedia, which is backed by Strategic Value Partners and Angelo, Gordon & Co., operates 33 stations across eight markets in the U.S. With the sale of Outdoor, NextMedia says it will focus on the radio broadcasting business.

Angelo, Gordon Closes Benihana Buy

Angelo, Gordon & Co. has completed its roughly $295 million buy of Benihana. Earlier Tuesday, Benihana’s public stockholder approved the sale. The sale of Benihana was announced in May. PRESS RELEASE Benihana Inc. (previously traded as NASDAQ: BNHN) (“Benihana” or the “Company”), operator of the nation’s largest chain of Japanese theme and sushi restaurants, today […]

Grace Joins Angelo, Gordon as Senior Advisor

Edward P. “Ned” Grace has joined Angelo, Gordon & Co. as a senior advisor. Grace will help the firm source and evaluate new investments in the restaurant industry as well as serve as a board member of the firm’s restaurant industry investments. Grace is the Founder and past Chairman, President and CEO of The Capital Grille & Bugaboo Creek Steak House chains.

PRESS RELEASE

Angelo, Gordon & Co. announced today that Edward P. “Ned” Grace, III has joined the firm’s Private Equity Group as a Senior Advisor, where he will help the firm source and evaluate new investments in the restaurant industry as well as serve as a board member of the firm’s restaurant industry investments.

“Ned has had an outstanding restaurant career and we’re looking forward to utilizing his knowledge and connections in the restaurant space,” said Richard Leonard, a Managing Director in Angelo Gordon’s Private Equity Group.  “We are also very pleased that Ned will be joining the board of Firebirds Wood Fired Grill, and are confident Firebirds will benefit greatly from his experience.”

Mr. Grace is the Founder and past Chairman, President and CEO of The Capital Grille & Bugaboo Creek Steak House chains, which he took public in 1994 (NASDAQ: RARE). Mr. Grace sold his chains to Longhorn Steaks, Inc. in 1996 and was a Director and former Vice Chairman of the combined companies, known as RARE Hospitality International, Inc.  RARE was acquired by Darden Restaurants, Inc. (NYSE:DRI) in 2008.  Mr. Grace formerly owned and founded Hemenway’s Sea Food Grill and Oyster Bar in Providence, Rhode Island (named by Esquire Magazine as “One of America’s best restaurants”); and The Old Grist Mill Tavern in Seekonk, Massachusetts.  Mr. Grace has served as a Director of the National Restaurant Association in Washington and The National Restaurant Association’s Educational Foundation in Chicago.  He currently is a Director of Not Your Average Joe’s, Inc., Larkburger, Inc. and Shawmut Design and Construction.

“I’m excited to work with Angelo Gordon on its restaurant industry deals,” said Mr. Grace.  “The firm is well positioned to succeed based on the strong restaurant experience of its team led by Richard Leonard as well as the firm’s strong real estate investing platform, which can be extremely value added to companies in the restaurant industry.  While this is a challenging time for the American economy, I believe now is a great time to be purchasing companies in certain sectors of the restaurant industry that are growing and increasing market share.  I’m also looking forward to working with the management at Firebirds, which is a great example of the type of restaurant company I think is attractive in the current environment.”

Angelo Gordon’s Private Equity Group acquired Firebirds Wood Fired Grill with the company’s management in April 2011. Firebirds Wood Fired Grill, with 19 locations nationwide, introduced a taste of Colorado to the eastern US.  In addition to expertly seasoned wood-grilled steaks, guests can have freshly grilled seafood, burgers and oversized salads, as well as ice cold martinis and great bottles of wine.  More information about the company can be found at www.firebirdsrestaurants.com.

Angelo Gordon’s Private Equity Group makes investments with deal sizes ranging from $50 million to $500 million. Sector focus includes financial services, healthcare, and consumer/retail.

About Angelo, Gordon & Co.
 
Angelo, Gordon & Co., L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately $24 billion.  The Firm’s investment focus centers around core competencies of real estate, credit, and private equity.  Angelo, Gordon has over 200 employees (approximately half of whom are investment professionals) and is headquartered in New York, with associated offices in Chicago, Los Angeles, Washington D.C., London, Hong Kong, Seoul, Shanghai, Tokyo, and Sydney. 

Pacific Office Properties, Angelo Gordon Form JV

Publicly traded Pacific Office Properties Trust Inc. and investment manager Angelo Gordon & Co. have teamed up on two joint ventures, formed to own two separate office properties: the City Square Office Towers in Phoenix; and the Pacific Business News Building, in Honolulu. The partnerships are the latest in a slew of joint ventures between the two firms. Together they have completed more than $950 million in acquisitions, the companies said in a written statement. Terms of the latest deals were not released.

Angelo, Gordon Buys Firebirds International

The PE group of Angelo, Gordon & Co. has acquired Firebirds International. Firebird’s founders also took part in the deal. Financial terms of the transaction were not announced. Firebirds, which features an American grill-focused menu, has 18 restaurants spread through Alabama, Arizona, Delaware, Nebraska, North Carolina, Pennsylvania, Tennessee and Virginia.

Angelo Gordon & Co. Buys Insurance Lender Oak Street: CORRECTED

Angelo, Gordon & Co. has acquired Oak Street Funding, an insurance lender based in Indianapolis. Financial terms were not released. New York-based Angelo, Gordon has about $23 billion under management, and manages private equity funds in addition to other investment vehicles.

Federal Capital, Angelo Gordon & Co. Sell 2 Apartment Communities In Maryland

Federal Capital Partners and New York-based Angelo, Gordon & Co. sold the Grove Park, which is a 684-unit garden-style residential community in Gaithersburg, Md and the 858-unit Charleston Manor apartment community in Ellicott City, Md. Grove Park was sold to an affiliate of Avalon Bay. An affiliate of Home Properties is now the owner of Charleston Manor.

Tribune Co enters deal to exit bankruptcy

The publisher of The Chicago Tribune and the Los Angeles Times has reached an agreement on a plan of reorganization with Oaktree Capital Management and Angelo Gordon & Co. The Tribune Co filed for Chapter 11 bankruptcy two years ago after real estate developer Sam Zell bought the company using piles of debt. The plan will allow the Tribune Co to exit bankruptcy.

Angelo Gordon & Co., Oaktree Capital Jointly File Alternative Reorg Plan for Tribune

(Reuters) – Two of Tribune Co’s (TRBCQ.PK: Quote, Profile, Research, Stock Buzz) major creditors joined forces to propose an alternative reorganization plan for the troubled newspaper publisher on Friday, saying it could speed up its exit from bankruptcy by putting aside some legal claims for now. The proposal from Oaktree Capital Management LP and Angelo, […]

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