SPB Hospitality Completes Acquisition of J. Alexander’s Holdings, Inc.

Houston, TX –  Today, SPB Hospitality, an industry-leading operator and franchisor of steakhouses, pizza and craft brewery restaurants, announced that it has completed the acquisition of J. Alexander’s Holdings, Inc. [NYSE:JAX]. Upon closing, each share of J. Alexander’s common stock was converted into the right to receive $14.00 in cash per share, which equates to an equity value of approximately $220 million. The merger was overwhelmingly approved by J. Alexander’s shareholders.

J. Alexander’s Holdings operates 47 upscale restaurants with award-winning brands, including J. Alexander’s, Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill and Merus Grill. For more than 30 years, J. Alexander’s Holdings’ guests have enjoyed high-quality food, an attractive ambiance and unparalleled polished service.

“This acquisition is a game-changer that advances SPB’s vision of building a best-in-class hospitality company known for creating exceptional experiences and breaking through culinary boundaries,” said SPB Hospitality Chief Executive Officer Jim Mazany. “I could not be more excited about the future of our SPB Hospitality brands. We’re thrilled to welcome the J. Alexander’s team to our family and thank them for their assistance throughout the acquisition process.”

“We have enormous confidence in SPB’s leadership and their vision for building one of the strongest and most successful restaurant groups in the industry,” said Morgan McClure, President of SPB Hospitality and Managing Director at Fortress Investment Group. Funds managed by affiliates of Fortress own SPB, which was created in 2020 to manage its growing portfolio of hospitality brands. “J. Alexander’s time-honored brands and dynamic team are significant additions to the SPB family and a major step forward in achieving SPB’s vision.”

J.P. Morgan Securities LLC and Configure Partners LLC served as financial advisors and Hunton Andrews Kurth LLP served as legal counsel to SPB Hospitality and Fortress Investment Group.

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