Smokey Bones, an Orlando, Florida-based restaurant chain that has been owned since 2008 by Sun Capital Partners, has named Christopher Artinian as its new president and CEO. Artinian was formerly president and CEO of Morton’s Restaurant Group. Smokey Bones operates 66 locations in 17 states and employs nearly 2,300 people. PRESS RELEASE: Smokey Bones Bar & [...]
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Morton’s Restaurant Group said Friday that Tilman Fertitta had agreed to buy the company for $6.90 a share. The deal represent a 34% premium to Morton’s closing price yesterday. Fertitta will finance the deal with cash and debt. The deal is expected to close in early February. Castle Harlan, which owns 27% of Morton’s, is tendering their shares in favor of the deal. Jefferies & Co. and KeyBanc Capital Markets advised Morton’s.
It’s been a busy day on the restaurants M&A front already, Sbarro, which peHUB earlier covered, is bankrupt and, on the brighter side of the spectrum, Landry’s Restaurants has made a hostile bid to acquire McCormick & Schmick’s Seafood Restaurants Inc. in a deal valued at $137.3 million. Sbarro is just hoping it can eliminate [...]