ONE Group Hospitality, Inc. (STKS): M&A transaction — STKS completes $365M acquisition of Benihana owner, appoints new directors

ONE Group Hospitality, Inc.

Acquired Safflower Holdings Corp. (owner of Benihana and RA Sushi) for $365M cash, funded via $350M term loan and $160M preferred stock/warrants.
Entered $350M senior secured term loan with Deutsche Bank, HPS, HG Vora; plus $40M revolver.
Issued $160M Series A Preferred and warrants to Hill Path and HPS; warrants at $0.01 and $10 exercise prices.
Appointed Scott Ross and James Chambers (Hill Path Capital) to the Board of Directors.
Q1 2024 earnings call scheduled for May 7, 2024 at 4:30 PM ET.

item 1.01 item 2.01 item 2.03 item 3.02 item 5.02 item 5.03 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

James Chambers

Director

STKS · ONE Group Hospitality, Inc.

Effective: 2024-05-01
Filed: May 1, 2024, 7:59 PM ET

James Chambers and Scott Ross were appointed as Class I and Class III directors, respectively, to the Company’s Board of Directors

Appointed

Scott Ross

Director

STKS · ONE Group Hospitality, Inc.

Effective: 2024-05-01
Filed: May 1, 2024, 7:59 PM ET

James Chambers and Scott Ross were appointed as Class I and Class III directors, respectively, to the Company’s Board of Directors

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James Chambers was appointed as Director at ONE Group Hospitality, Inc..

Action: appointed
Role: Director

Exact text from the filing

James Chambers and Scott Ross were appointed as Class I and Class III directors, respectively, to the Company’s Board of Directors

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Scott Ross was appointed as Director at ONE Group Hospitality, Inc..

Action: appointed
Role: Director

Exact text from the filing

James Chambers and Scott Ross were appointed as Class I and Class III directors, respectively, to the Company’s Board of Directors

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ONE Group Hospitality, Inc. completed an acquisition involving Safflower Holdings LLC for $365.0 million in cash (closed 2024-05-01).

Action: acquisition
Counterparty: Safflower Holdings LLC
Consideration: $365.0 million in cash
Closing: 2024-05-01

Exact text from the filing

On the Closing Date, the Company acquired 100% of the issued and outstanding equity interests of Safflower Holdings Corp. from Safflower Holdings LLC, for $365.0 million in cash, subject to customary adjustments for indebtedness, cash, net working capital and seller transaction expenses (the “Acquisition”).

View on SEC.gov

106 m&a transactions filed in the last 30 days. Browse all m&a transactions →

ONE Group Hospitality, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-006331

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