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Sortis acquires SRG out of bankruptcy
Posted on Wednesday, 29 July 2020 10:54
Investment firm Sortis Holdings has bought US-based Sustainable Restaurant Group (SRG), the owner of Bamboo Sushi.
No financial details were announced.
The transaction was led by the buyer’s Sortis Rescue Fund, which was established by Sortis Fund Manager to capitalise on the dislocation and market stress in the real estate and business markets caused by the fallout from the global coronavirus pandemic.
Earlier this month, a hearing in Delaware approved the plan.
As a result of the deal, Sortis will operate in nine locations across Portland, Seattle, the Bay Area and Denver.
Headquartered in Oregon, SRG runs a collection of eateries throughout the US.
Launched in 2008, Bamboo Sushi claims to be the world’s first certified sustainable sushi restaurant.
The group serves a range of sushi rolls, nigiri and Japanese-inspired dishes that are sourced by fisheries globally.
In May this year, SRG filed for bankruptcy, citing the effects of the covid-19 pandemic, which forced the closure of its ten dine-in restaurants across Oregon Arizona and California, among other locations.
Once the target is operational again, Sortis plans to reopen the target’s eateries in accordance with all state and municipal guidelines.
The buyer also intends to rehire furloughed workers, resume restaurant activities and implement its growth strategy, which was interrupted by the pandemic.
In the interim, SRG will continue to offer pickup and food delivery services at its Bamboo Sushi locations in Oregon.
Furthermore, Sortis will retain members of the target’s management team and add employees from its own hospitality team.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 239 deals targeting full-service restaurant operators announced in 2020 to date.
In the most valuable of these, US-based Darden Restaurants raised USD 457.83 million through a public offering.
This was followed by Sushiro Global Holdings investing USD 250.00 million into its subsidiary Sushiro Taiwan.
© Zephus Ltd