Cary Street Partners Advises J. Alexander’s Corporation on Sale to Fidelity National Financial, Inc
$14.50 per Share
ATLANTA, GA – January 29, 2013 – Cary Street Partners LLC is pleased to announce that it served as the exclusive financial advisor to J. Alexander’s Corporation (previously NASDAQ: JAX) (“J. Alexander’s” or the “Company”), an upscale casual, contemporary American restaurant concept, on the Company’s sale to Fidelity National Financial, Inc. (NYSE: FNF) (“Fidelity” or “FNF”) for $14.50 per share. The $14.50 per share price valued the enterprise at approximately $100 million as of the closing of the transaction on October 29, 2012. As a result of the transaction, J. Alexander’s is now an indirect, wholly-owned subsidiary of Fidelity. In addition to acting as the exclusive financial advisor to the Company, Cary Street Partners delivered three fairness opinions to the J. Alexander’s Board of Directors in connection with the transaction.
“We are proud to have delivered outstanding value to our shareholders through this transaction, and Cary Street Partners played an instrumental role in the whole process,” said Lonnie Stout, Chief Executive Officer of J. Alexander’s. “The commitment of Cary Street Partners’ senior team, their experience in the restaurant sector and their attentiveness through a complicated and dynamic structure was evident. They did a terrific job from start to finish and, more than just bankers, they served as trusted advisors to both the Board of Directors and the Company.”
About J. Alexander’s Corporation
J. Alexander’s Corporation, headquartered in Nashville, TN, operates 33 J. Alexander’s restaurants across the U.S., primarily in the Southeast and Midwest. Its restaurants feature an upscale American menu with market leading cuisine and a full service bar. The Company’s restaurants provide a broad selection of high-quality menu items that are intended to appeal to a wide range of consumer tastes and which are served by a courteous, friendly and well-trained service staff. The Company believes that quality food, outstanding service, attractive ambiance and value are critical to the success of J. Alexander’s. For additional information, please visit www.jalexanders.com.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE:FNF), is a leading provider of title insurance, mortgage services and restaurant and other diversified services. FNF is the nation’s largest title insurance company through its title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title – that collectively issue more title insurance policies than any other title company in the United States. FNF also owns a 55% stake in American Blue Ribbon Holdings, a restaurant owner and operator of the O’Charley’s, Ninety Nine Restaurant, Max & Erma’s, Village Inn, Bakers Square and Stoney River Legendary Steaks concepts. In addition, FNF owns a majority stake in Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. FNF also owns a minority interest in Ceridian Corporation, a leading provider of global human capital management and payment solutions. More information about FNF can be found at www.fnf.com.
About Cary Street Partners
Cary Street Partners provides objective investment banking and wealth management solutions to successful individuals, institutions and companies from its Southeastern base. The investment banking team provides a broad range of services including merger and acquisition advisory services, private placements of debt and equity capital, and strategic and financial advice to management teams and boards of directors of emerging growth and middle market public and private companies across a variety of industries. Cary Street Partners is the trade name used by two separate limited liability companies, Cary Street Partners Investment Advisory LLC, a registered investment advisor; and Cary Street Partners LLC, a registered broker-dealer and a member of FINRA and SIPC.
For more information about this transaction or Cary Street Partners’ investment banking group, please contact Charlie Hurt at (404) 974-4983 or Kip Caffey at (404) 974-4980. Additional information about Cary Street Partners can be found at www.carystreetpartners.com.