Business
BJ’s Restaurants, Inc. Announces $70 Million Investment from Act III Holdings and T. Rowe Price
HUNTINGTON BEACH, Calif., May 01, 2020 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today announced that it entered into definitive agreements to
About this update from Bj's Restaurants, Inc.
[{"type":"text","content":"HUNTINGTON BEACH, Calif., May 01, 2020 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today announced that it entered into definitive agreements to sell $70 million of common stock to Act III Holdings, LLC. and funds and accounts advised by T. Rowe Price Associates, Inc. (collectively “the investors”).\n “On behalf of our team members, shareholders, Board of Directors and all BJ’s stakeholders, we are delighted to announce this new investment by Ron Shaich and Act III, and by funds and accounts advised by T. Rowe Price Associates,” commented Greg Trojan, Chief Executive Officer. “The capital raise announced today, together with other recent actions we have taken, will enhance BJ’s liquidity and strengthen our ability to welcome back our team members and re-open dine-in service at our restaurants in accordance with the social distancing and safety protocols mandated by state and local governments to ensure the health and safety of our guests and team members. The investment by Act III and T. Rowe Price Associates recognizes the strength of the BJ’s concept and brand, our long-term focus on sales driving and productivity initiatives, our future growth prospects, and the daily commitment of our valued team members. We are grateful for the confidence expressed by Act III and T. Rowe Price Associates in BJ’s long-term outlook and look forward to benefiting from their collective experience and resources, which we believe will prove invaluable as we re-open our dining rooms and continue to deliver the delicious food, dining experiences and guest service and hospitality that consumers have come to love and expect from BJ’s.” Ron Shaich, Managing Partner of Act III Holdings, LLC said, “I have long admired BJ’s differentiated position within casual dining and the quality of its execution. The result is a company that is generating some of the highest average unit sales and guest traffic metrics in the industry. This is a testament to the strength and tenure of BJ’s management team, from the Restaurant Support Center down to the restaurants themselves. BJ’s ability to stay ahead of changing consumer trends, while remaining true to its brand heritage, provides a platform to ignite future growth, and the opportunity to more than double its current restaurant footprint. In sum, we have made this investment to help ensure BJ’s has t...