This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Benihana Inc. Announces Completion Of Acquisition By Angelo, Gordon & Co.'s Private Equity Group

Stocks in this article: BNHN

MIAMI, Aug. 21, 2012 /PRNewswire/ -- Benihana Inc. (previously traded as NASDAQ: BNHN) ("Benihana" or the "Company"), operator of the nation's largest chain of Japanese theme and sushi restaurants, today announced the completion of its acquisition by funds advised by the Private Equity Group of Angelo, Gordon & Co. ("Angelo Gordon").  Earlier today, Benihana's public company stockholders met and overwhelmingly approved the transaction.  Each outstanding share of Benihana common stock was acquired for $16.30 per share in cash, valuing the acquisition at approximately $295 million.  The Company is now a privately-held company and will no longer be listed on the NASDAQ national market.

(Logo: http://photos.prnewswire.com/prnh/20110513/NY02073LOGO )

Richard Stockinger, Benihana's President and Chief Executive Officer, said, "We are extremely pleased that our stockholders approved the acquisition at a compelling cash price per share.  The Benihana management team is excited to have access to the substantial resources of Angelo Gordon as we work to build on the recent successes of our three brands.  We are energized by our plans to accelerate new unit growth, enabling us to take the outstanding food and unique dining experience of our Benihana Teppanyaki, RA Sushi and Haru concepts to more and more guests."

"The iconic nature of the Benihana brand and the excellent positioning of RA Sushi and Haru in the expanding Japanese cuisine and sushi categories are what interested us in the Company," said Richard Leonard, a Managing Director at Angelo Gordon.  " Richard Stockinger and the management team have led an impressive turnaround in all areas of the Company in the last three years, and we believe the brands are now well prepared for substantial unit growth.  We hope that developers across the country will consider the drawing power of the new prototype Benihana restaurant or the key demographic appeal of the vibrant RA Sushi environment.  We also expect that the modern Japanese cuisine and urban-centric atmosphere of Haru has growth potential in major metropolitan markets outside of its current footprint in New York City and Boston."

About Benihana

Headquartered in Miami, Benihana is the nation's leading operator of Japanese theme and sushi restaurants with 95 restaurants nationwide, including 62 Benihana restaurants, 25 RA Sushi restaurants and eight Haru sushi restaurants.  In addition, 16 franchised Benihana restaurants are operating in the United States, Latin America and the Caribbean.  To learn more about Benihana and its three restaurant concepts, please view the corporate video at http://www.benihana.com/about/video.

About Angelo Gordon

Angelo, Gordon & Co. L.P. is a privately held limited partnership founded in November 1988, and currently manages approximately $24 billion.  The Firm's investment focus centers around three core competencies – credit, real estate and private equity – and manages capital across five principal areas: (i) distressed debt and leveraged loans, (ii) real estate equity and debt, (iii) residential and commercial mortgage-backed and asset-backed securities, (iv) private equity, and (v) multi-strategy.  Angelo Gordon has over 260 employees (100 of whom are investment professionals) and is headquartered in New York, with associated offices in Chicago, Los Angeles, Washington, D.C., London, Amsterdam, Hong Kong, Seoul, Shanghai, Tokyo and Sydney.  For more information, visit www.angelogordon.com.

CONTACT: Jeremy FieldingKekst and Company (212) 521 4800

 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs