Another day, another restaurant acquisition. This time it was multiconcept operator SPB Hospitality adding J. Alexander’s to its portfolio of restaurant concepts that includes other steakhouses as well as pizza and craft brewery restaurants. SPB will pay $220 million, a 14% premium over J. Alexander’s closing price on July 1, 2021, which was the last trading day prior to the merger agreement, per a release announcing the deal. SPB expects this sale to close in the fourth quarter of 2021.
This marks the latest in a series of restaurant deals announced in recent weeks. For example, on June 29 FAT Brands announced plans to acquire five quick-service restaurant concepts from Global Franchise Group. Days prior to that, BBQ Holdings announced plans to acquire Village Inn and Baker’s Square. Earlier in June, Luby’s sold its Luby’s Cafeteria and Fuddrucker’s concepts to separate private equity firms.
J. Alexander’s Holdings, Inc. operates 47 upscale restaurants under such brand names as J. Alexander’s, Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill. SPB’s roster of restaurants spans 38 states and includes such concepts as Logan’s Roadhouse, Old Chicago Pizza & Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch Brewery Restaurant, and a collection of specialty restaurant concepts.