Thursday, October 23, 2008
Atalaya Capital Management acquires assets of Bennigan’s
That includes the company's equity, trademarks, and other assets, including the Tavern and Steak & Ale brands.
Atalaya Capital Management and Bennigan's Franchising Company, are pleased to announce that the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, has approved the acquisition of Bennigan's Franchising Company by affiliates of Atalaya Capital, including the company's equity, trademarks and other assets, including the Tavern and Steak & Ale brands. Atalaya Capital expects to close on the acquisition on or before October 31, 2008.
"We're thrilled to have reached an agreement with the Bankruptcy court for the acquisition of Bennigan's Franchising Company and our goal is to continue to partner with existing franchisees, as well as new ones, to grow the Bennigan's Grill & Tavern brand," said Joel Holsinger, a Partner at Atalaya Capital Management. "We are excited about working with everyone involved in the company to reinvigorate the Bennigan's brand."
Bennigan's is currently working with both existing and new franchisees to re-open up to 60 previously closed company-owned restaurants as well as open new franchisee-owned locations both domestically and internationally. Despite the market turmoil and circumstances facing BFC's former parent, four company-owned locations have been re-opened in the last several months. In addition, four new locations have opened domestically and three have opened internationally.
Bennigan's is also evaluating, and will soon announce, a new culinary program to place added emphasis on the brand's distinctive food as well as the appointment of a marketing consultant to help reposition the brand going forward, including the introduction of a new fast-pub prototype and concept.
"Throughout these past few months, we've greatly appreciated the support and hard work of our franchisees and vendors," said Vince Runco, interim President and CEO of Bennigan's Franchising Company. "We continue to build the franchisor's infrastructure to support our franchisees and grow the system. A rejuvenated Bennigan's will continue to offer the same great food and fun atmosphere that our patrons love while improving upon their overall dining experience."
Source: Bennigan's Grill & Tavern