Deal expected to close during the first quarter of 2014.
Delaware North Companies has agreed to acquire a majority interest in Patina Restaurant Group, which operates restaurants and manages catering and foodservice operations at high-profile venues in New York, California, Las Vegas and Orlando.
Shidax Corporation, a publicly traded, Japanese foodservice company, currently owns the majority interest in Patina Restaurant Group. Upon completion of the deal, which is expected to occur in the first quarter of 2014, Shidax will continue to own a minority interest in Patina Restaurant Group.
"Patina Restaurant Group is one of the most respected restaurant companies in North America, with an unequaled group of world-class venues and restaurant locations," said Jeremy Jacobs Jr., principal, Delaware North Companies. "Nick Valenti and Founder/Chef Joachim Splichal have built an exceptional company focused on culinary excellence and outstanding service that we are proud to add to Delaware North's world-class portfolio."
Nick Valenti, CEO, and Joachim Splichal, founder/chef, will remain in their current positions at Patina Restaurant Group. The addition of Patina Restaurant Group will bring the total number of employees of the combined company to nearly 60,000. Total revenue for Delaware North with the addition of Patina Restaurant Group is expected to be in excess of $3 billion in 2014.