Kona Grill Sale Completed

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Denver-based restaurant operator One Group Hospitality and its affiliates have completed the bankruptcy court purchase of upscale-casual dining chain Kona Grill. Scottsdale, AZ-based Kona Grill had filed for bankruptcy protection this past April.

The One Group, which also owns STK steakhouse concept, paid $25 million in cash and assumed of working capital liabilities of about $11 million for 24 Kona Grill domestic restaurants and franchise rights for one international location in Dubai. The company anticipates that Kona Grill will contribute $23 to $24 million in adjusted EBITDA next year.

Founded in 1998 as a modern American cuisine concept with Hawaiian flair, Kona Grill had operated 46 restaurants just last year but closed almost half of the locations as it struggled going into the bankruptcy. The brand will be integrated into The One Group in about 12 months, the company says.

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