Going Private • Restaurants

TPG Angelo Gordon Acquires Benihana

On August 21, 2012, private equity firm TPG Angelo Gordon acquired restaurant Benihana for 296M USD

Acquisition Context
  • This is TPG Angelo Gordon’s 3rd transaction in the Restaurants sector.
  • This is TPG Angelo Gordon’s 2nd largest (disclosed) transaction.
  • This is TPG Angelo Gordon’s 17th transaction in the United States.
  • This is TPG Angelo Gordon’s 3rd transaction in Florida.
Investment Fate
  • Benihana was sold to a publicly-traded strategic buyer in 2024 for 365M USD.

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M&A Deal Summary

Date August 21, 2012
Target Benihana
Sector Restaurants
Buyer(s) TPG Angelo Gordon
Deal Type Going Private
Deal Value 296M USD
Advisor(s) Jefferies (Financial)
Hughes Hubbard & Reed (Legal)

Target Company

Benihana

Aventura, Florida, United States
Benihana is an operator of Japanese theme and sushi restaurants with 95 restaurants in the United States, including 62 Benihana restaurants, 25 RA Sushi restaurants, and 8 Haru sushi restaurants. Benihana was founded in 1964 and is based in Aventura, Florida.
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Buyer Overview 1

Buyer

TPG Angelo Gordon

New York, New York, United States

Category Private Equity Firm
Founded 1988
PE ASSETS 78.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Angelo, Gordon's Private Equity Group is the private equity arm of asset manager Angele, Gordon & Co. AG's private equity group focuses on acquiring assets from financially distressed sellers or from larger corporations. Prospective transactions include forced sales, management-led buyouts, private company recapitalizations, corporate carve-outs, asset pool purchases, and other complex situations. The Group prefers control when considering opportunities and generally looks to commit $25 to $125 million of capital in transactions valued up to $500 million. Broad sectors of interest include specialty finance, retail, consumer, healthcare services/facilities, real estate, and business services. Angelo, Gordon's Private Equity group is based in New York City.


Deal Context for Buyer #
Overall 21 of 22
Sector: Restaurants 3 of 3
Type: Going Private 1 of 1
State: Florida 3 of 3
Country: United States 17 of 18
Year: 2012 1 of 2
Size (of disclosed) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-07 Dealer Services

Carmel, Indiana, United States

Dealer Services Corporation offers full service operations throughout the U.S. and is the largest independently-owned inventory finance provider for used automobiles. DSC provides flexible and cost effective inventory financing solutions to dealership operations in the areas of: Retail, Wholesale, Rental, Salvage, and various aftermarket products including Insurance and Lender Access.

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FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-20 ClearBalance HealthCare

San Diego, California, United States

ClearBalance HealthCareis a provider of consumer-friendly patient financing programs to U.S. hospitals and health systems. Serving more than 6 million patient accounts at healthcare organizations nationwide. ClearBalance HealthCare was founded in 1992 and is based in San Diego, California.

Buy -