Bravo Brio Being Sold for $100 Million
BRAVO! Cucina Italiana and BRIO Tuscan Grille parent Bravo Brio Restaurant Group (BBRG) announced Thursday (March 8) that it was acquired by Switzerland-based Spice Private Equity Ltd., an affiliate of GP Investments.
The deal, which is subject to shareholder approval, is for about $100 million. BBRG’s shareholders will receive $4.05 per share in cash as part of the agreement. The brand’s stock was $3.47 per share at close Wednesday.
Alton Doody, chairman of Columbus, Ohio–based BBRG, said in a statement that the acquisition maximizes value for shareholders.
“GP has a distinguished track record of being an active and valuable partner to its invested companies through its operationally-oriented approach, which we expect will greatly enhance our ability to maximize the potential of our Bravo Brio brands nationwide,” Doody said in the statement.
BBRG owns and operates 110 locations in 32 states, and reported sales of about $400 million in 2017.
GP Investments CEO Antonio Bonchristiano said in a statement that the company will have more flexibility in investing in BBRG’s future as a primate entity.
“Bravo Brio has two best-in-class Italian restaurant brands, an enduring culture, and a team committed to delivering exceptional dining experiences to its guests,” he said in the statement. “We are pleased to be partnering with the company and its leadership to build an even stronger foundation for value creation and profitable growth.”
BBRG has been public since October 2010, when its IPO raised $140 million.