HOUSTON, July 2, 2021 /PRNewswire/ -- Today, SPB
Hospitality, an industry leading operator and franchisor of
steakhouses, pizza and craft brewery restaurants, announced that it
has agreed to acquire J. Alexander's Holdings Inc. [NYSE:JAX] at
$14.00 per share in an all-cash
merger, which equates to an equity value of approximately
$220 million. This represents a 14%
premium over J. Alexander's closing price on July 1, 2021, which was the last trading day
prior to entering into the definitive merger agreement. The
transaction is expected to close early in the fourth quarter of
2021, subject to customary closing conditions including the
approval of the merger by J. Alexander's shareholders.
J. Alexander's Holdings, Inc. operates 47 upscale restaurants
with award-winning brands including J. Alexander's, Stoney River
Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus
Grill. For more than 30 years, J. Alexander's guests have enjoyed a
contemporary American menu and unparalleled polished service.
"We are honored to acquire these storied brands and look forward
to welcoming this experienced team into the SPB family," said SPB
Hospitality Chief Executive Officer Jim
Mazany. "This acquisition advances our vision to become the
industry leader and a pioneer of hospitality, while developing our
portfolio of brands and delivering best-in-class returns, one great
restaurant at a time."
Morgan McClure, President of SPB
Hospitality and Managing Director at Fortress Investment Group,
stated, "We have enormous confidence in SPB leadership and their
vision for building a true industry leader in the hospitality
space. J. Alexander's exceptional team and established brands mark
an important addition to the SPB family and a significant step
forward in achieving SPB's vision."
J.P. Morgan Securities LLC and Configure Partners LLC served as
financial advisors and Hunton Andrews Kurth LLP served as legal
counsel to SPB Hospitality and Fortress Investment Group.
Piper Sandler & Co. served as
financial advisor to J. Alexander's Holdings Inc. and Bass, Berry
& Sims PLC acted as the company's legal counsel.
About SPB Hospitality
SPB Hospitality is a leading
operator and franchisor of full-service dining restaurants,
spanning a national footprint of hundreds of restaurants and
breweries in 38 states and the District
of Columbia. Based in Houston, the company's diverse portfolio of
restaurant brands includes Logan's Roadhouse, Old Chicago Pizza
& Taproom, Rock Bottom Restaurant & Brewery, Gordon Biersch
Brewery Restaurant, and a collection of specialty restaurant
concepts. For more information about SPB Hospitality, visit
spbhospitality.com.
About J. Alexander's Holdings, Inc
J.
Alexander's Holdings, Inc. is a collection of restaurants that
focus on providing high-quality food, outstanding professional
service and an attractive ambiance. The Company presently operates
47 restaurants in 16 states. For additional information, visit
JAlexandersHoldings.com.
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SOURCE SPB Hospitality