M&A Deal Summary

Authentic Restaurant Brands Acquires Primanti Bros.

On January 3, 2022, Authentic Restaurant Brands acquired restaurant Primanti Bros. from L Catterton Partners

Acquisition Highlights
  • This is Authentic Restaurant Brands’ 2nd transaction in the Restaurants sector.
  • This is Authentic Restaurant Brands’ 2nd transaction in the United States.
  • This is Authentic Restaurant Brands’ 1st transaction in Pennsylvania.

M&A Deal Summary
Date 2022-01-03
Target Primanti Bros.
Sector Restaurants
Buyer(s) Authentic Restaurant Brands
Sellers(s) L Catterton Partners
Deal Type Add-on Acquisition

Target

Primanti Bros.

Pittsburgh, Pennsylvania, United States
Primanti Bros. is a specialty casual dining concept. It serves its iconic “Almost Famous” sandwiches and other bar-centric food. Primanti enjoys local consumer loyalty and tourist allure given its longstanding heritage and association with Pittsburgh sports and culture. Primanti Bros. is based in Pittsburgh, Pennsylvania.

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Buyer(S) 1

Buyer

Authentic Restaurant Brands

New York, New York, United States
Category Company
Founded 2021
Sector Restaurants
DESCRIPTION

Authentic Restaurant Brands is a holding company of regional food and beverage brands. Authentic Restaurant Brands was formed in 2021 and is based in New York, New York.

DEAL STATS #
Overall 2 of 4
Sector (Restaurants) 2 of 3
Type (Add-on Acquisition) 2 of 4
State (Pennsylvania) 1 of 1
Country (United States) 2 of 4
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-20 P.J. Whelihan’s Restaurant

Westmont, New Jersey, United States

PJW Restaurant Group is a restaurant holding group founded in 1938 and focused on the Greater Delaware Valley. The Company is best know for its iconic P.J. Whelihan’s sport bar and grill concept. P.J. Whelihan’s Restaurant is based in Westmont, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-10 Mambo Seafood

Houston, Texas, United States

Mambo Seafood is an affordable seafood restaurant chain. The Company has grown to 10+ units in Texas. Mambo Seafood is based in Houston, Texas.

Buy -

Seller(S) 1

SELLER

L Catterton Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1989
PE ASSETS 30.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

L Catterton is a private equity firm that targets investments in consumer-related companies located throughout North America. L Catterton looks for businesses with identifiable brands and operating in 'defensible and extensible' positions within growth industry segments. Specific sectors of interest include branded consumables, food/beverages, consumer services, restaurants, media and marketing, household durables, specialty retail, mass merchant retail, and luxury/apparel. Prospective transactions include management buyouts, recapitalizations, turnarounds, and growth financings. L Catterton was formed in 1990 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 89 of 102
Sector (Restaurants) 13 of 13
Type (Add-on Acquisition) 39 of 46
State (Pennsylvania) 3 of 3
Country (United States) 67 of 76
Year (2022) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-01-01 TULA

New York, New York, United States

TULA is an innovative skincare brand, TULA empowers women to live healthier, balanced, and more beautiful lives by transforming their beauty regimen. Built on the understanding that the same ingredients that are good for your internal health are also great for your skin, TULA products use Probiotic Technology to deliver skin-nourishing benefits. TULA was founded in 2014 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-03 Cover FX

New York, New York, United States

Cover FX is a producer of dermatology-inspired cosmetics with a complete line of foundations, primers, concealers, moisturizers, and cleansers with operations in Canada, the US, and the UK. Cover FX was founded in 2000 and is based in New York City.

Sell -
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