Angelo Gordon has refinanced Benihana
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce the successful completion of a financing for Benihana Inc. (“Benihana” or the “Company”), a private equity portfolio company of Angelo, Gordon & Co., L.P. (“Angelo Gordon”). Benihana operates the nation’s largest group of Japanese-inspired restaurants under three distinct brands (Benihana, RA Sushi and Haru Sushi) with more than 100 restaurants across the United States and in Central and South America.
Lincoln acted as the exclusive financial advisor to Benihana, working closely with both the Company and Angelo Gordon through all aspects of the financing. The financing consisted of a revolving credit facility, placed with Ally Bank, and a unitranche term loan, placed with GSO Capital Partners. Proceeds from the financing were used to refinance Benihana’s existing debt obligations, provide flexibility for the Company’s ongoing growth initiatives and support its working capital needs.
Tom Baldwin, Chief Executive Officer and President of Benihana, said, “Lincoln understands the strength of our Benihana brand and the value drivers for this truly iconic brand, which was effectively conveyed to the credit markets. By hiring Lincoln as our advisor, we accessed several structural alternatives well-suited to meet our longer-term capital objectives. Lincoln was instrumental in securing a financing package that will allow us to continue to create great guest memories and grow our Benihana brand.”
Art Peponis, Managing Director and Head of Private Equity for Angelo Gordon, added, “Lincoln orchestrated a well-run and competitive financing process, gave us access to a deep network of lender relationships and executed on a successful transaction for our business. We are excited to partner with two highly regarded financial institutions on the financing.”
About Benihana Inc.
Benihana Inc. was founded in 1964 and is headquartered in Aventura, Florida. Over the past 50+ years, Benihana has remained synonymous with warm, friendly, personal, communal and interactive dining experiences centered around a teppanyaki grill and talented Chefs. Benihana Inc. operates 78 Benihana restaurants, including 10 franchised restaurants throughout the United States, Central and South America. Benihana Inc. also operates two highly complementary sushi concepts, RA Sushi and Haru Sushi, with 27 restaurants throughout the United States.
About Angelo Gordon
Founded in 1988 and headquartered in New York, New York, Angelo Gordon is a privately-held registered investment advisor dedicated to alternative investing. With expertise in a broad range of absolute return strategies for both institutional and high net worth investors, the firm currently manages approximately $28 billion. Angelo Gordon’s Private Equity Group focuses on acquiring businesses and assets with strong management that have the potential for meaningful growth and value creation. The Private Equity Group focuses on two core industry verticals: Retail/Consumer and Financial Services. Since inception, Angelo Gordon’s private equity investment team has sourced and led numerous transactions in these core industries.
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