Pforzheimer concludes sale of restaurant chains
June of 2018 turned out to be a major month for Wilton resident Andy Pforzheimer, chairman and founder of the Barteca Restaurant Group, famous for Barcelona Wine Bars and Bartaco restaurants. He completed the sale of the chains.
On June 27, Irving, Texas-based company Del Frisco’s Restaurant Group Inc., announced it had completed the acquisition of the Barteca group for $325 million in cash, subject to customary adjustments set forth in the purchase agreement for Barteca’s consolidated debt, cash and working capital. The Barteca group will now be referred to as Del Frisco’s Emerging Brands. Pforzheimer could not be reached for comment, but Del Frisco sent a press statement.
“We are excited to have completed the acquisition and look forward to what we can achieve with our Emerging Brands. Barcelona and Bartaco provide the Del Frisco’s portfolio with significant growth and development opportunities, enabling us to capture market share in the experiential dining segment, while mitigating the risk of seasonality and economic downturns from our more steak-centric concepts,” said Norman Abdallah, chief executive officer of Del Frisco’s Restaurant Group, Inc.
“The ‘new’ Del Frisco’s will continue our corporate mission of celebrating life in restaurants through great food, wine and hospitality, allowing us to create truly memorable experiences for our guests, empowering our team members, and enabling our shareholders to reap the competitive advantages that our ‘experienced-based’ lifestyle brands provide us in the marketplace.”
Jeff Carcara, Barteca’s CEO, has been named chief executive officer of Del Frisco’s Emerging Brands, and will continue to lead Barcelona and Bartaco. Carcara is being joined by certain members of his senior management team who together will ensure continuity for these brands and thereby limit execution risk, the press release said.
Del Frisco’s operates Del Frisco’s Double Eagle Steakhouse, Del Frisco’s Grille and Sullivan’s Steakhouse. The company said in March it is exploring a sale of Sullivan’s.
Barcelona operates in 14 locations and serves tapas and specialites from Spain and the Mediterranean and is known for Spanish and South American wines.
Bartaco has 16 locations and serves upscale street food with a coastal vibe in a laid-back environment, according to its own press release.