We represented J. Alexander's Holdings, Inc. (NYSE: JAX) in the definitive agreement to acquire 99 Restaurants, LLC in an all-stock transaction valued at approximately $199 million, including the assumption of $20 million in net debt. At closing, J. Alexander's will acquire ownership of 99 Restaurants via merger whereby 99 Restaurants will become a wholly-owned subsidiary of J. Alexander's Holdings, LLC.
As a result of the transaction, Fidelity National Financial Ventures and its subsidiary, Fidelity Newport Holdings will become majority owners of J. Alexanders. J. Alexander's will re-designate currently outstanding common stock as Class A common stock, which will continue to be traded on the New York Stock Exchange.
J. Alexander's, which was spun out of Fidelity National Financial Inc. in September 2015, operates a collection of boutique restaurants comprising J. Alexander's, Redlands Grill, Stoney River Steakhouse and Grill and Lyndhurst Grill.