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 [...]
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Benihana agrees to go private in a deal valued at $296 million. Angelo, Gordon is the buyer.
The second time may be the charm for Benihana, which has gone up for sale in a slow M&A market.
We now have the next public restaurant deal.
Benihana, which just settled a proxy fight, has hired Jefferies & Co. to sell the company. But don’t expect any big PE firms, like KKR or Apollo Management, to be interested.
This is a smaller play geared more to middle-market buyout shops. Miami-based Benihana is pretty small. In August, the company reported that first quarter revenue increased by 5% to $100.8 million for the time period ended July 18. Income from operations stood at $2.5 million while net income was $1.3 million for the time period. The company’s market cap is currently $108.2 million.
(Reuters) – Japanese-style restaurant chain Benihana Inc (BNHN.O) (BNHNA.O) got a takeover offer from RDG Capital that values the company at around $150 million including debt, a source familiar with the situation said. The offer of $7 a share values the Miami, Florida-based company at more than $100 million. Including debt and preferred shares, that [...]
(Reuters) – Russell Glass, founder and head of New York investment firm RDG Capital, has offered to buy the Japanese-themed restaurant Benihana Inc (BNHN.O) for $7 a share, the NY Post said, citing a person familiar with the matter. Benihana shares closed on Monday at $5.88. The deal values the company at $20.1 million, the [...]