California Centers

SEP 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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CORPORATE ACTIONS 38 California Centers Magazine | September 2018 ACQUISITIONS & MERGERS Focus Brands Inc. and Jamba Inc. have entered into a definitive merger agreement, with Focus Brands set to acquire Jamba Juice for $13 per share in cash. The transaction is valued at approximately $200 million. The deal is expected to close in the third quarter of 2018. Krispy Kreme Doughnut Corp. announced an agreement through which Krispy Kreme will acquire a majority stake in cookie delivery company Insomnia Cookies. Terms of the transactions were not disclosed. Newmark Group Inc. has agreed to acquire RKF Retail Holdings, LLC for an undisclosed price. The acquisition is expected to close later in 2018, and will grow Newmark's retail business. Robert K. Futterman will serve as Chairman of Newmark RKF, the retail leasing division, and be responsible for leading the growth of the company's retail real estate business throughout North America. San Diego-based private investment firm High Bluff Capital Partners, the parent of Quiznos, has acquired fast casual Taco Del Mar, which operates 100+ units in the U.S. and Canada. Terms of the transaction were not disclosed. Stated Gerry Lopez, operating partner of High Bluff Capital, "Our approach is grounded in identifying brands that enjoy strong relationships with consumers that can benefit from the type of targeted capital, scale, management expertise and focus on innovation we bring to bear." High Bluff Capital Partners acquired QCE, the parent of Quiznos, in June of 2018. FAT Brands Inc. (which stands for fresh, authentic and tasty), has completed its acquisition of Hurricane Grill & Wings for approximately $12.5 million. The acquisition included $8 million in cash and $4.5 million in preferred stock. Based in Los Angeles, FAT now operates more than 325 restaurants under several different brands. The plan is to expand Hurricane's footprint in both existing and new international markets in the coming years through an existing network of franchise partners. Vintage Capital Management disclosed an intent to acquire Rent-A- Center in a buyout deal that would take Rent-A-Center private. The transaction is valued at approximately $1.37 billion, including net debt. APPOINTMENTS On The Border Mexican Grill & Cantina has named Matt Hood President and CEO. Hood most recently was chief marketing officer for Habit Restaurants Inc., and prior to that held executive positions at BJ's Restaurants and Carino's Italian Grill. At On The Border, he succeeds Ward Whitworth, who departed the company in March and had been its CEO since July 2014. "We are excited to add Hood's strategic and disciplined leadership to capitalize on the opportunities before us," stated Michael Klump, Founder and President of Argonne Capital Group, which acquired On The Border in May 2014. Back Yard Burgers has named Scott Shotter CEO. Shotter was most recently VP of Operations for Moe's Southwest Grill, which he was with for nine years. He succeeds David McDougall, who left Back Yard Burgers in May to return to Franintell Inc. Back Yard Burgers was acquired in July 2017 by private equity firm Axum Capital Partners. Ruth's Chris parent, Ruth's Hospitality Group Inc., announced that President and COO Cheryl Henry has assumed the role of CEO effective August 10 th . Henry replaces Michael O'Donnell in the position, who has been CEO since 2008. O'Donnell will become Executive Chairman of the steakhouse operator. Henry, with the company since 2007, also becomes a board member. Kona Grill Inc. has promoted Jim Kuhn to President and CEO, succeeding Berke Bakay, who was appointed executive Chairman of the chain's board. Kuhn most recently was Kona Grill's COO. Bakay succeeds Jim Jundt, who is retiring after eight years as chairman. SRS added two senior capital markets and investment sales professionals to the firm's Newport Beach office. Rich Walter joined the company as Exec. VP of SRS' Investment Properties Group; and Pat Kent has joined the firm as Senior VP of SRS' Investment Properties Group, with a focus on multi-tenant and single-tenant investment assets. Recently formed FoodFirst Global Restaurants has named Mike Ellis as chief development officer. Ellis was previously with Darden Restaurants as Head of Development. Columbus- Ohio based FoodFirst recently acquired Bravo Cucina Italiana and Brio Tuscan Grille. Ellis reports to CEO and longtime industry veteran Brad Blum, who is also a former Darden executive. Progressive Real Estate Partners announced that Albert Lopez has joined the firm as a senior retail specialist. In this role, he is focused on the leasing and sale of retail properties, including strip centers and anchored centers in the Inland Empire. Albert's broad experience includes leasing, sales, client relations, landlord and tenant representation, marketing and contract negotiation. He was previously a director of retail leasing for Argent Retail Advisors' Ontario office. Wetzel's Pretzels has named Kimberly Smith, a former executive at PetSmart, as the new CFO. In this capacity, Smith is tasked with driving profitability for the company's 320-plus franchises. Smith has filled a position vacated by Michael Nishi last year when he became CFO of Lemonade. Prior to joining Wetzel's Pretzels, Smith spent 11 years at PetSmart, most recently as VP of Finance. Wetzel's is owned by private- equity firm CenterOak Partners. By the end of 2018, the company anticipates adding approximately 30 new locations. Tender Greens has named President Denyelle Bruno to the additional role of CEO, replacing company Founder

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