COLUMBUS, OHIO — GP Investments Ltd., a Switzerland-based private equity firm, has agreed to acquire Bravo Brio Restaurant Group (B.B.R.G.), Inc. for approximately $100 million. The transaction is expected to be completed by the end of the second quarter of 2018.
B.B.R.G., which operates Bravo! Cucina Italiana and Brio Tuscan Grille restaurants, had annual sales of more than $400 million in the year ended Dec. 31, 2017, the company said. It owns and operates 110 locations in 32 states across the U.S.
“Bravo Brio has two best-in-class Italian restaurant brands, an enduring culture and a team committed to delivering exceptional dining experiences to its guests,” said Antonio Bonchristiano, chief executive officer of GP Investments. “We are pleased to be partnering with the company and its leadership to build an even stronger foundation for value creation and profitable growth. As a private entity, we will have greater flexibility to take a long-term view as we invest in Bravo Brio’s future growth and expansion, which will drive rewards for the company and our investors.”
"We will have greater flexibility to take a long-term view as we invest in Bravo Brio’s future growth and expansion." — Antonio Bonchristiano, GP Investments
B.B.R.G. will continue to be operated as an independent company upon closing of the transaction and will remain based in Columbus.
“We are confident that this transaction maximizes value for our shareholders,” said Alton F. Doody III, chairman of the board of B.B.R.G. “GP has a distinguished track record of being an active and valuable partner to its invested companies through its operationally-oriented approach, which we expect will greatly enhance our ability to maximize the potential of our Bravo Brio brands nationwide.”