Benihana Inc. Announces Agreement to Acquire RA Sushi Bar Restaurant Chain in Arizona.Business Editors MIAMI--(BUSINESS WIRE)--Nov. 13, 2002 Benihana Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BNHNA and BNHN), operator of one of the largest chains of Asian restaurants, announced today that it has signed an agreement to acquire RA Sushi Bar Noun 1. sushi bar - a bar where sushi is served bar - a counter where you can obtain food or drink; "he bought a hot dog and a coke at the bar" Restaurant, a privately owned Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). chain currently operating four stores in the Phoenix metropolitan Area. "The acquisition of RA Sushi Bar Restaurant adds another important dimension to our Company's expansion program and, in addition it offers growth possibilities in other markets for what is a very successful concept," said Joel A. Schwartz, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Benihana. "RA is known for its excellent, quality sushi, and is a vibrant, growing chain in its own right. We are delighted to have it join the Benihana family of Asian restaurants." The $11 million purchase price will be financed from a newly negotiated bank line with Wachovia Bank, National Association. The investment banking firm of Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Joseph & Company acted as advisor to Benihana on the acquisition. "RA's concept is thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. in Arizona, but expanding into out of state markets has always been a long term goal for us," said Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. Belfer, chairman of RA Sushi Bar Restaurant. "Benihana will help make that goal a reality. The union is a win-win situation for everyone and we couldn't be more excited about it." Operating under the RA Sushi Bar Restaurant name, the chain includes four restaurants located in Old Town Scottsdale, North Scottsdale, Tempe and Ahwatukee. Development plans are already underway to expand the RA chain to other locales, including southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The four founding principals of RA are all active in operating the business, and will continue under contracts in their present management roles with the chain following its acquisition. Annual volume of the five-year-old company approximates $9 million. RA is best known for successfully combining distinctive sushi with a high energy, unconventional atmosphere. About Benihana Benihana, now in its 38th year since its founding, and one of the nation's largest chains of Asian restaurants, currently operates 61 restaurants nationwide, including 54 Benihana teppanyaki restaurants, five Haru sushi restaurants and two Doraku restaurants. Four Benihana teppanyaki restaurants are currently under development. In addition, a total of 22 franchised Benihana teppanyaki restaurants are now open or under development in the U.S. and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as that term is defined under Federal Securities Laws. "Forward-looking statements" are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes in customers' tastes and preferences, acceptance of the Company's concepts in new locations, obtaining qualified personnel, industry cyclicality, fluctuations in customer demand, the seasonal nature of the business, fluctuations of commodities costs, the ability to complete construction of new units in a timely manner, obtaining governmental permits on a reasonably timely basis, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion