California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.
Issue link: https://californiacenters.epubxp.com/i/472297
March 2015 | California Centers Magazine 27 C C Names in the News ACQUISITIONS & MERGERS Family Dollar Stores Inc.'s shareholders have approved a deal to be bought by Dollar Tree Inc., fending off a previous hostile offer from Dollar General Corp. Approximately 74 percent of the total outstanding shares of Family Dollar were voted in favor of the acquisition. Family Dollar accepted a cash-and-stock offer back in July, and later rejected a higher all cash offer from Dollar General, citing antitrust concerns. The Dollar Tree transaction is viewed as more benefcial for stockholders, as it has a better chance of meeting regulatory requirements. The deal is still subject to approval by the Federal Trade Commission, expected to occur in March. If approved, the deal will result in Dollar Tree having 13,000+ stores across the U.S. and Canada, generating more than $18 billion in annual sales. Paul Mangiamele, CEO of Bennigan's Franchising Co., has completed a management buyout of the franchisor of the Bennigan's and Steak & Ale casual-dining brands. Mangiamele and his wife, Gwen, created Dallas- based Legendary Restaurant Brands LLC to buy out New York private- equity investor Fortress Investment Group LLC's interest in Bennigan's Franchising. The deal was completed in February, with Legendary Restaurant Brands assuming the role of franchisor for the existing 75 Bennigan's, all the Steak & Ale restaurants, and the ownership of a company that holds all the intellectual property for the brands. "This deal gives me the ability to be more agile in terms of decision-making and certain fnancial scenarios," stated Mangiamele, who has been CEO of Bennigan's Franchising since May of 2011. Muscle Maker Grill has been acquired by an affliate of American Restaurant Holdings, Inc., a publicly traded multi-concept operator based in Southern California. Muscle Maker Grill is a 55-unit franchised brand that was founded in 1995 by Rod Silva in Colonia, N.J. The chain takes a healthful approach to popular dishes and offers options for dietary restrictions, including gluten-free, vegetarian and low carbohydrate. Although specifc terms of the deal were not disclosed, the acquisition was completed by Muscle Maker, Inc., an affliate of American Restaurant Holdings, Inc., based in Irvine, California. APPOINTMENTS Chick-fl-A has announced a number of top management changes in the fnance, marketing and human resources departments, which the company has described as part of a plan to "pass the torch to a new generation of leadership." Brent Ragsdale, formerly Vice President and Chief Accounting Offcer, has been named Chief Financial Offcer, replacing Buck McCabe, who will remain on the executive committee in an advisory role until he retires at the end of this year. Jon Bridges has been promoted to Chief Marketing Offcer, replacing Steve Robinson, who has plans to retire at the end of 2015. Robinson will also remain on the company's executive committee through the end of the year. Andrew Cathy, a son of President and CEO Dan Cathy, was promoted to Senior Vice President and Chief People Offcer, a newly created position. A former Chick-fl-A restaurant operator, Andrew became a franchisee consultant on the West Coast and later moved to the Atlanta headquarters, having recently served in the capacity of Vice President of People. In other moves, Lynn Chastain, formerly a staff attorney, was promoted to the position of Senior Vice President. She has served as General Counsel since August of 2013. Finally, Cliff Robinson, a longstanding veteran of the chain, has been named Senior Vice President of Field Operations. The Bruxie Gourmet Waffe Sandwich concept has named Dave Barrows its frst President. Barrows was previously a co-founder of Airvision, a consulting company that works on branding and strategy, among the clients of which have been Chipotle, Potbelly Sandwich Works and Il Fornaio. Founded in 2010, Anaheim-based Bruxie has eight locations opened in California and one in Denver, with plans to occupy the Los Angeles market for the frst time in 2015. Au Bon Pain has named Katherine See Corporate Executive Chef, replacing Stefano Cordova, who has left to join Starbucks. In this role, See is responsible for research and development, as well as providing strategic menu direction and innovation and commercialization for all Au Bon Pain's menu categories. See was previously Director of Product Development and Executive Chef at Slade Gorton & Co. Coreland Companies has announced that Erika Griggs has been promoted to Controller. In her new role, she will support the company's Real Estate Management division and oversee all property accounting operations from corporate offces in Orange County, California. "Erika has been an integral part of our management team for more than 15 years," said Vice President of Real Estate Management Cheryl Todd. "In this new role she will be able to ensure that our internal teams work cohesively in order to further enhance the services we deliver." In previous roles at Coreland Companies, Griggs served as Senior Real Estate Analyst As well as Real Estate Manager. McDonald's Corp. has announced that branding chief Steve Easterbrook has been named President and CEO, replacing Don Thompson, who is retiring after 25 years with the brand. Pete Bensen, the company's Senior Executive Vice President and CFO, has been promoted to a newly created role as Chief Administrative Offcer.