Bravo Brio Restaurant Group Inc., owner and operator of the BRAVO! Cucina Italiana and Brio Tuscan Grille, has been acquired by another company.
Spice Private Equity, a Swiss investment company, has acquired the company for a total of $100 million. BBRG’s shareholders will receive $4.05 per share in cash. The purchase price represents a premium of approximately 37 percent over the volume weighted average price of the company’s shares for the 90-day period immediately preceding the date of the agreement, according to a company statement.
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BBRG will report annual sales in excess of $400 million for the year ended Dec. 31, and owns and operates 110 locations in 32 states across the country. BBRG will continue to be operated as an independent company and remain based in Columbus, Ohio.
“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. We are pleased to be partnering with the Company and its leadership to build an even stronger foundation for value creation and profitable growth,” said Antonio Bonchristiano, chief executive officer of GP Investments.
There are Brio restaurant locations at The Greene Town Center in Beavercreek and the Liberty Center in Liberty Twp. BRAVO! has locations at the Dayton Mall, Mall at Fairfield Commons and Deerfield Towne Center and at the Streets of West Chester.
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