NRD Partners has closed its previously announced take private buy of Frisch’s Restaurants Inc for $34 per share or about $174.5 million. As a result of the transaction, Frisch’s stock is longer trading on the New York Stock Exchange and will be formally delisted on September 4. Frisch’s operates Big Boy restaurants in Ohio, Kentucky and Indiana.
CINCINNATI, Aug. 24, 2015 /PRNewswire/ — The shareholders of Frisch’s Restaurants, Inc. (NYSE MKT: FRS) met today and approved a merger transaction with an affiliate of NRD Partners I, L.P. (“NRD”). As part of the transaction, each outstanding share of Frisch’s stock will be converted into the right to receive the $34.00 per share merger consideration, valuing the acquisition at approximately $174.5 million. Following today’s closing of the transaction, the Company’s shares will no longer trade on the NYSE MKT and will be formally delisted on September 4, 2015.
“This is an exciting day for Frisch’s and we are very pleased that our stockholders, through the exercise of their vote, have shown substantial support for the Board’s decision to accept NRD’s offer,” said Craig F. Maier, Frisch’s President and Chief Executive Officer.
Aziz Hashim, NRD’s Chief Executive Officer, said, “We are delighted to have the acquisition finalized and we are looking forward to taking one of America’s most iconic and adored family restaurant brands into a very bright future.”
About Frisch’s Restaurants, Inc.
Frisch’s is a regional company that operates full service family-style restaurants under the name “Frisch’s Big Boy.” All Frisch’s Big Boy restaurants are currently located in various regions of Ohio, Kentucky and Indiana. The Company owns the trademark “Frisch’s” and has exclusive, irrevocable ownership of the rights to the “Big Boy” trademark, trade name and service marks in the states of Kentucky and Indiana, and in most of Ohio and Tennessee. All of the Frisch’s Big Boy restaurants also offer “drive-thru” service. The Company also licenses Big Boy restaurants to other operators, currently in certain parts of Ohio, Kentucky and Indiana.
About NRD Partners I, L.P.
NRD Partners I, L.P. (NRD) is a private equity fund founded by Aziz Hashim to fill a commonly perceived gap in franchise equity investing. NRD seeks to acquire brands that offer superior products and compelling unit economics and help them grow to their fullest potential through NRD’s expanding network of franchisee investors. For more information, please visit www.nrdcapital.com