Connecticut investment firm Bruckmann, Rosser, Sherrill & Co. added another California restaurant chain to its portfolio Thursday, agreeing to buy Il Fornaio (America) Corp. for about $81.4 million.
Fornaio shareholders will receive $14 a share in cash for each share they hold, Chief Financial Officer Peter Hausback. After the transaction is completed, some executives and stockholders will retain a significant stake in the company, which is to be taken private.
The Corte Madera, Calif.-based company operates 24 Italian restaurants with a retail bakery in each store, including several in Southern California. It also has three wholesale bakeries that sell breads and pastries to grocery stores, cafes, restaurants and hotels.
Greenwich, Conn.-based Bruckmann, Rosser, Sherrill holds a controlling stake in Los Angeles-based California Pizza Kitchen Inc., the Mexican restaurant chains Acapulco and El Torito and the Au Bon Pain Co. bakery cafe chain.