MIAMI, Aug. 21, 2012 /PRNewswire/ -- Benihana Inc.
(previously traded as NASDAQ: BNHN) ("Benihana" or the "Company"),
operator of the nation's largest chain of Japanese theme and sushi
restaurants, today announced the completion of its acquisition by
funds advised by the Private Equity Group of Angelo, Gordon &
Co. ("Angelo Gordon"). Earlier today, Benihana's public
company stockholders met and overwhelmingly approved the
transaction. Each outstanding share of Benihana common stock
was acquired for $16.30 per share in
cash, valuing the acquisition at approximately $295 million. The Company is now a
privately-held company and will no longer be listed on the NASDAQ
national market.
(Logo: http://photos.prnewswire.com/prnh/20110513/NY02073LOGO
)
Richard Stockinger, Benihana's
President and Chief Executive Officer, said, "We are extremely
pleased that our stockholders approved the acquisition at a
compelling cash price per share. The Benihana management team
is excited to have access to the substantial resources of Angelo
Gordon as we work to build on the recent successes of our three
brands. We are energized by our plans to accelerate new unit
growth, enabling us to take the outstanding food and unique dining
experience of our Benihana Teppanyaki, RA Sushi and Haru concepts
to more and more guests."
"The iconic nature of the Benihana brand and the excellent
positioning of RA Sushi and Haru in the expanding Japanese cuisine
and sushi categories are what interested us in the Company," said
Richard Leonard, a Managing Director
at Angelo Gordon. "Richard
Stockinger and the management team have led an impressive
turnaround in all areas of the Company in the last three years, and
we believe the brands are now well prepared for substantial unit
growth. We hope that developers across the country will
consider the drawing power of the new prototype Benihana restaurant
or the key demographic appeal of the vibrant RA Sushi
environment. We also expect that the modern Japanese cuisine
and urban-centric atmosphere of Haru has growth potential in major
metropolitan markets outside of its current footprint in
New York City and Boston."
About Benihana
Headquartered in Miami,
Benihana is the nation's leading operator of Japanese theme and
sushi restaurants with 95 restaurants nationwide, including 62
Benihana restaurants, 25 RA Sushi restaurants and eight Haru sushi
restaurants. In addition, 16 franchised Benihana restaurants
are operating in the United
States, Latin America and
the Caribbean. To learn more about Benihana and its three
restaurant concepts, please view the corporate video at
http://www.benihana.com/about/video.
About Angelo Gordon
Angelo, Gordon & Co. L.P. is a privately held limited
partnership founded in November 1988,
and currently manages approximately $24
billion. The Firm's investment focus centers around
three core competencies – credit, real estate and private equity –
and manages capital across five principal areas: (i) distressed
debt and leveraged loans, (ii) real estate equity and debt, (iii)
residential and commercial mortgage-backed and asset-backed
securities, (iv) private equity, and (v) multi-strategy.
Angelo Gordon has over 260 employees (100 of whom are investment
professionals) and is headquartered in New York, with associated offices in
Chicago, Los Angeles, Washington, D.C., London, Amsterdam, Hong
Kong, Seoul, Shanghai, Tokyo and Sydney. For more information,
visit www.angelogordon.com.
CONTACT:
Jeremy Fielding
Kekst and Company
(212) 521 4800
SOURCE Benihana Inc.