California Centers

JAN 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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24 California Centers Magazine | January/February 2018 CORPORATE ACTIONS ACQUISITIONS & MERGERS NRD Capital, an Atlanta-based private equity firm, has agreed to buy casual-dining chain Ruby Tuesday Inc. in a deal valued at $335 million. NRD is paying $2.40 a share for the 596-unit bar and grill concept. Shareholders of Ruby Tuesday approved the takeover in December. As part of the completion of the deal, Ruby Tuesday took out a secured loan of $115 million and a $12.5 million secured revolving credit facility. Ruby Tuesday had been exploring strategic alternatives in recent months following a stretch of weak same-store sales and declining traffic. Panera Bread announced a deal in late 2017 to acquire Au Bon Pain Holding Co. Inc. for an undisclosed sum, and simultaneously announced that Ron Shaich would be stepping down as CEO of Panera. Mendocino Farms has been acquired by private-equity company TPG Growth, a middle-market fund that plans to expand the sandwich chain outside California. It has also appointed former Darden Restaurants executive Harald Herrman to the position of CEO of the concept. Hurricane Grill & Wings has entered into a definitive agreement to be sold to FAT Brands (which stands for Fresh. Authentic. Tasty.) The acquisition will be funded with cash on hand and third-party financing and was anticipated to close by the end of 2017. FAT Brands is a global franchising company that acquires, markets and develops fast casual and casual dining brands. MTY Food Group Inc. has agreed to acquire CB Franchise Systems LLC of Culver City, the parent company of The Counter and Built Custom Burgers. Terms of the acquisition were not disclosed, but MTY has been seeking additions to its portfolio of brands recently. The transaction's financing will come from cash on hand and through existing credit facilities. Arby's Restaurant Group Inc. has agreed to buy Buffalo Wild Wings Inc. for $157 per share in a merger valued at $2.9 billion. Arby's owner Roark Capital Group bid on the wing concept over several days in October, with the deal expected to close in the first quarter of 2018. After it is finalized, Arby's CEO Paul Brown will serve as CEO of the parent company to both restaurant brands. European commercial property firm Unibail-Rodamco is set to acquire U.S. and U.K. mall owner Westfield Corp. for $15.7 billion. Paris-based Unibail-Rodamco owns and operates 69 shopping center properties in key cities throughout Europe. Westfield operates 35 malls in the U.S. and U.K. under the direction of Co-founder and Chairman, Frank Lowy, and is expert at transforming outdated malls into viable shopping destinations. Jack In The Box Inc. has agreed to sell Qdoba Restaurant Corp. to Apollo Global Management LLC in a cash transaction valued at $305 million that will involve 700-plus company- owned and franchised restaurants. The deal is expected to close in April 2018. Jack In The Box acquired Qdoba in 2003, when it had 85 locations in 16 states. APPOINTMENTS Red Robin Gourmet Burgers has promoted Dana Benfield to chief marketing officer. Benfield most served in the capacity of vice president for marketing and menu innovation for the company. In her new position, she succeeds Jonathan Muhtar, who assumed the position of chief concept officer and executive vice president as of January (after having served as senior vice president and CMO since December of 2015). Benfield has worked in the marketing division of the company for 15 years, and will now oversee Red Robin's brand marketing and guest engagement teams, as well as lead the food and beverage commercialization initiatives. She reports to Muhtar. Steve Ritchie has been promoted from president to CEO of Papa John's International Inc. as of January, replacing founder John Schnatter in the capacity, who will remain chairman of the company. Jamba Inc., parent of Jamba Juice Co., named Claudia Schaefer as Chief Marketing Officer in November 2017. Schaefer was most recently CMO at Cheddar's Scratch Kitchen and has held leadership roles at Brinker International and TGI Fridays prior. Subway Restaurants promoted Trevor Haynes to the newly created role of chief business development officer. He has spent the previous three years as the chain's VP of operations. He will now focus on supporting the brand's directors in building the company's business around the globe. Haynes was the driving force behind the chain's recent design refresh that commenced in July. Melissa Lora, president of Taco Bell International, announced she will retire in summer 2018. She will be succeeded by the brand's chief financial officer, Liz Williams. Lora has been with Taco Bell since 1987, and in her current position since 2013. The brand also announced that Rahul Shinde will join as division chief financial officer. Shinde comes from sister-brand KFC India. Famous Dave's of America Inc. has named Jeffrey Crivello CEO, succeeding Mike Lister. Crivello has served as PW Partners Capital Management LLC chief financial officer since January 2015, and has been on the board of Famous Dave's since August 2017. Farmer Boys Food Inc. has named Huntley Castner chief financial officer. Castner succeeds Judy Lewis,

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