O'Charleys merged into ABRH
ABRH and O'Charleys have merged.
The merger of American Blue Ribbon Holdings (ABRH) and O'Charley's has been announced by O'Charleys owner Fidelity National Financial (FNF).
Previously, FNF owned 45 per cent of ABRH, but will now own 55 per cent of the tied-up entity.
Merger and acquisition consultants could have assisted in the transaction and FNF is now to consolidate ABRH's financial results for the second quarter of 2012.
The deal involved FNF making a $120 million (£78 million) aggregate cash investment for ABRH, following the closure of a five-year credit facility and the repayment by ABRH of a FNF intercompany note.
ABRH operates and owns 674 different restaurants under six different brands, including Stoney River Legendary Steaks, Max & Ermas, Village Inn, Bakers Square, Legendary Baking and O'Charleys.
It has total yearly revenue of an estimated $1.3 billion and has been in existence since 1958, when the Village Inn Pancake House was first opened to the public.
Posted by Edel Quinn
Source: FNF press release, May 31st