Bravo Brio Restaurant Group (BBRG), owner and operator of the Bravo! Cucina Italiana and Brio Tuscan Grille restaurant concepts, today announced its sale to GP Investments and its controlled company Spice Private Equity.
The total enterprise value is approximately $100 million.
Transaction proceeds will be funded by Spice, along with third-party financing sources.
BBRG reported annual sales in excess of $400 million for the year ended December 31, 2017. It owns and operates 110 locations in 32 states across the country. Under the terms of the merger agreement, BBRG’s shareholders will receive $4.05 per share in cash.
The merger agreement received unanimously approval by BBRG’s Board of Directors. The transaction is subject to shareholder approval and other customary closing conditions and is expected to be completed by the end of the second quarter of 2018.
“GP has a distinguished track record of being an active and valuable partner to its invested companies through its operationally-oriented approach, which we expect will greatly enhance our ability to maximize the potential of our Bravo Brio brands nationwide,” says Alton F. (“Rick”) Doody III, chairman of the board of BBRG.
“Bravo Brio has two best-in-class Italian restaurant brands, an enduring culture, and a team committed to delivering exceptional dining experiences to its guests.”says Antonio Bonchristiano, CEO of GP Investments. “We are pleased to be partnering with the company and its leadership to build an even stronger foundation for value creation and profitable growth. As a private entity, we will have greater flexibility to take a long-term view as we invest in Bravo Brio’s future growth and expansion, which will drive rewards for the Company and our investors.”
Upon closing of the transaction, BBRG will continue to operate as an independent company and remain based in Columbus, Ohio.
Dechert LLP served as legal advisor and Piper Jaffray & Co. served as financial advisor to BBRG. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to GP.