Aurify Brands, a US-based hospitality company with several restaurant brands, has added Le Pain Quotidien (LPQ) to its brand portfolio.
It is the new owner and operator of Le Pain Quotidien in the US.
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Aurify, which operates brands, including The Little Beet, Melt Shop, Fields Good Chicken and The Little Beet Table, plans to reopen over 40 LPQ restaurants.
The company plans to reopen restaurants in select cities and suburban markets across New York, California, Connecticut, Maryland, Virginia, the District of Columbia and Florida.
The restaurants at select locations are expected to reopen as early as mid-July.
The relaunch of the LPQ business is expected to create more than 1,200 jobs, which includes rehiring of several former employees whose employment was terminated by the prior owner mainly due to the Covid-19 outbreak.
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By GlobalDataAurify Brands CEO John Rigos said: “We are thrilled to add Le Pain Quotidien, which has an ethos and mission we greatly admire, to our established and growing family of leading brands.
“Leveraging Aurify Brands’ operational expertise and financial resources, as well as our platform’s proprietary tools, systems and infrastructure, we see a significant opportunity to build on LPQ’s unique position in the marketplace, differentiated offering and loyal customer base to fully realise the brand’s potential.
“We look forward to welcoming back LPQ customers as we reopen locations across the country and are proud to continue to support the local communities, in which all of our brands operate.”
Aurify Brands co-CEO Andy Stern added: “At Aurify Brands, we are deeply committed to building quality brands that create one-of-a-kind experiences for our guests and unparalleled opportunities for our team members.
“Especially during these unprecedented times, we are fortunate to be able to draw upon nearly two decades of industry experience, exceptional talent across our organisation and our innovative platform as we expand our presence within the hospitality industry. We are focused on continuing to position our brands for the long term and are excited to strategically grow our portfolio.”
The deal was carried out through a Chapter 11 filing by some LPQ entities.
The process was supported by Aurify Brands, which served as financing provider and purchaser.
The US Bankruptcy Court for the District of Delaware approved the sale on 26 June and the transaction closed on 30 June.
Katten Muchin Rosenman acted as legal counsel to Aurify Brands, while Cohn Reznick LLP was the financial advisor and RCS Real Estate Advisors was the real estate advisor on the transaction.
