Delaware North Companies to Acquire Patina Restaurant Group
BUFFALO, N.Y., Feb. 8, 2014 /PRNewswire/ -- Delaware North Companies, a global leader in hospitality and food service and one of the largest privately held companies 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."
About Patina Restaurant Group
Patina Restaurant Group (www.patinagroup.com) is a leader in the premium segment of the restaurant industry. On the West Coast its portfolio includes the renowned, Michelin-starred Patina Restaurant in the Walt Disney Concert Hall, Nick & Stef's Steakhouse, Cafe Pinot at the Maguire Gardens, Catal and three other restaurants in Anaheim's Downtown Disney District, Leatherby's Cafe Rouge at the Segerstrom Center for the Arts, Hollywood Bowl, Pinot Brasserie in Las Vegas and catering and food service in museums and cultural centers throughout California.
On the East Coast, its portfolio features the Michelin-starred Lincoln Ristorante at Lincoln Center, New York City's world-famous Rockefeller Center Ice Rink, Rock Center Cafe, The Sea Grill, Brasserie, Cafe Centro, Naples 45, The Grand Tier Restaurant at the Metropolitan Opera and La Fonda Del Sol. Other East Coast properties include Tutto Italia Ristorante at the Epcot World Showcase in Orlando, Fla.
About Patina Catering
Patina Catering is one of the premier caterers on the West Coast. With a loyal and longstanding clientele, annual events include the Emmy Awards, the City of Hope Spirit of Life Dinner, Los Angeles Philharmonic gala, Heal the Bay Benefit dinner, as well as numerous entertainment and fashion events.
Patina Catering is also the exclusive caterer for some of the finest performing arts and cultural centers in Los Angeles, Orange County and San Francisco.
About Delaware North Companies
Delaware North Companies is one of the largest and most admired privately held hospitality companies in the world. Founded and owned for nearly 100 years by the Jacobs family, it is a global leader in hospitality and food service. Its family of companies includes Delaware North Companies Parks & Resorts, Delaware North Companies Gaming & Entertainment, Delaware North Companies Travel Hospitality Services, Delaware North Companies Sportservice, Delaware North Companies International and Delaware North Companies Boston, owner of TD Garden.
Through these companies, Delaware North manages and provides food and beverage concessions, premium dining, entertainment, lodging, and retail at many large venues and special places. These include high-profile venues ranging from sports stadiums, entertainment complexes, national parks, airports, and some of the top regional casinos in the country.
Delaware North Companies has revenue exceeding $2.7 billion annually and 55,000 associates serving half a billion customers in the United States, Canada, the United Kingdom, Australia and New Zealand. For more information, visit www.DelawareNorth.com.
SOURCE Delaware North Companies