Delaware North Companies to Acquire Patina Restaurant Group
Delaware North Companies, a global leader in hospitality and foodservice and one of the largest privately held companies in North America, has agreed to acquire a majority interest in Patina Restaurant Group.
Patina Restaurant Group is a leader in the premium segment of the restaurant and catering industry, operating restaurants and managing catering and foodservice operations at high-profile venues in New York, California, Las Vegas, and Orlando.
It is currently majority-owned by Shidax Corporation, a publicly traded, Japanese foodservice company. Following the closing of the acquisition, Shidax will continue to own a minority interest in Patina Restaurant Group. Subject to the satisfaction of customary closing conditions, the acquisition is expected to close at the end of the first quarter of 2014.
"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," says 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."
Valenti and Splichal will remain in their current positions at Patina Restaurant Group, providing continued leadership and innovation to Patina and now also applying their experience and knowledge across Delaware North's portfolio. 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.
"Joachim and I are delighted to now be a part of Delaware North, a company we've admired for many years," says Nick Valenti, CEO of Patina Restaurant Group. "We share a common philosophy centered on providing memorable dining with superior service to our guests."
Patina Restaurant Group is a leader in the premium segment of the restaurant industry. On the West Coast its portfolio includes the renowned, Michelin-starred Patina Restaurant in the Walt Disney Concert Hall, Nick & Stef's Steakhouse, Cafe Pinot at the Maguire Gardens, Catal and three other restaurants in Anaheim's Downtown Disney District, Leatherby's Cafe Rouge at the Segerstrom Center for the Arts, Hollywood Bowl, Pinot Brasserie in Las Vegas, and catering and food service in museums and cultural centers throughout California.
On the East Coast, its portfolio features the Michelin-starred Lincoln Ristorante at Lincoln Center, New York City's world-famous Rockefeller Center Ice Rink, Rock Center Cafe, The Sea Grill, Brasserie, Cafe Centro, Naples 45, The Grand Tier Restaurant at the Metropolitan Opera, and La Fonda Del Sol. Other East Coast properties include Tutto Italia Ristorante at the Epcot World Showcase in Orlando, FL.