Swiss Equity Firm Acquires Bravo Brio
Bravo Brio Restaurant Group, parent of Bravo! Cucina Italiana and Brio Tuscan Grille, announced March 8 that it had been acquired by Switzerland-based Spice Private Equity Ltd., an affiliate of GP Investments.
The deal, which is subject to shareholder approval, is for about $100 million. BBRG owns and operates 110 locations in 32 states, and reported sales of about $400 million in 2017. The Columbus, Ohio-based BBRG had been exploring strategic options since last February amid declines in same-store sales and profits. BBRG has been public since October 2010, when its IPO raised $140 million.
“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,” GP Investments CEO Antonio Bonchristiano said in a statement. “We are pleased to be partnering with the company and its leadership to build an even stronger foundation for value creation and profitable growth.”