Travel & Entertainment M&A » By The Online Investor Staff, updated Sun., May. 16, 5:27 PM
Recent mergers and acquisitions in the Travel & Entertainment M&A category.
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Slide #73. Luby's, Inc. — Membership Units of Paradise Restaurants Group LLC
Acquirer:
Luby's, Inc. (NYSE:LUB)
Acquiree:
Membership Units of Paradise Restaurants Group LLC
Details:
Luby's, Inc., owner of Luby's Cafeterias and Fuddruckers brands, today announced that it closed on the purchase all of the Membership Units of Paradise Restaurants Group LLC, and certain of their affiliates (collectively known as, "Cheeseburger in Paradise") through a wholly-owned subsidiary for approximately $11 million in cash plus customary working capital adjustments. The purchase was funded primarily from drawing on Luby's existing credit facility. Luby's is now the operator of 23 Cheeseburger in Paradise full-service restaurant locations that span 14 states.
Luby's operates as a multi-branded company in the restaurant industry and in the contract food services industry. Co. serves the World's Greatest Hamburgers®. Co.'s Fuddruckers restaurant menu also includes other burgers, such as buffalo and elk, chicken breast sandwiches, hot dogs, salads, chicken tenders, hand breaded onion rings, soft drinks, handmade milkshakes, and bakery items. Co. has a business line servicing long-term acute care hospitals, acute care medical centers, ambulatory surgical centers, retail grocery stores, behavioral hospitals, sports stadiums, senior living facilities, government, and business and industry clients.
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