On March 26th One Hospitality Group Announced the acquisition of Safflower Holdings Corp., the owner of Benihana Inc., a leading operator of highly differentiated experiential brands that owns the only national teppanyaki brand in the U.S. and also owns RA Sushi. The transaction was valued at $365M. Investors reacted favorably with the stock rising approximately 40% since the announcement. What follows is our one-hour analysis of the transaction and potential returns.
Note" 13% PIK can be called after three years at $102.25