Delaware North Companies, a hospitality and food service firm in North America, announced it has entered into an agreement to acquire a majority interest in Patina Restaurant Group.
Patina Restaurant Group is a leader in the premium segment of the restaurant and catering industry and operates restaurants and manages catering and food service operations at high-profile venues in New York, California, Las Vegas and Orlando.
Patina Restaurant Group is currently majority owned by Shidax Corporation, a publicly traded, Japanese foodservice company (JASDAQ: 4837). Following the closing of the acquisition, Shidax will continue to own a minority interest in Patina Restaurant Group. Subject to the satisfaction of customary closing conditions, the acquisition is expected to close at the end of the first quarter of 2014.
"Patina Restaurant Group is one of the most respected restaurant companies in North America, with an unequaled group of world-class venues and restaurant locations," said Jeremy Jacobs Jr., principal, Delaware North Companies. "Nick Valenti and Founder/Chef Joachim Splichal have built an exceptional company focused on culinary excellence and outstanding service that we are proud to add to Delaware North's world-class portfolio."
Valenti and Splichal will remain in their current positions at Patina Restaurant Group, providing continued leadership and innovation to Patina and now also applying their experience and knowledge across Delaware North's portfolio. The addition of Patina Restaurant Group will bring the total number of employees of the combined company to nearly 60,000. Total revenue for Delaware North with the addition of Patina Restaurant Group is expected to be in excess of $3 billion in 2014.
"Joachim and I are delighted to now be a part of Delaware North, a company we've admired for many years," said Nick Valenti, CEO of Patina Restaurant Group. "We share a common philosophy centered on providing memorable dining with superior service to our guests."
