Dive Brief:
- SPB Hospitality, a portfolio company of Fortress Investment Group, has completed a sale of Old Chicago Pizza + Taproom, the company confirmed in an email to Restaurant Dive. The buyer and purchase price were not disclosed.
- The sale is part of the company’s “ongoing efforts to sharpen our strategic focus,” CEO Josh Kern said in an email to SPB employees.
- SPB sold its brewery brands and some specialty concepts to an affiliate of Kelly Companies of Southern California in December.
Dive Insight:
The recent sales will allow SPB to focus on its core brands: Krystal, Logan’s Roadhouse, J. Alexander’s and Stoney River, as well as concepts driven by Chef Jose Garces, including Amada and Village Whiskey, Kern said.
“Old Chicago has been a valued part of our portfolio, and we’re proud of the work our teams have done to stabilize and reposition the brand,” Kern wrote. “We’re confident in the new ownership group’s vision and believe Old Chicago is well-positioned for continued success.”
In 2020, SPB bought Old Chicago, along with the brewery concepts it sold in December, from bankrupt Craftworks Holdings for about $93 million. Old Chicago has more than 50 units across 21 states, according to its website.
SPB’s remaining concepts all appear poised for growth and the company has been opening new units in recent years. Krystal is targeting 500 units and opened its first travel center location in Tyler, Texas, earlier this year. This unit was also the first Krystal unit to open in the Lonestar state in over a decade. SPB also plans to grow its Amada concept, which it acquired last year, in the Sun Belt states, according to FSR Magazine.
