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SGR Represents a Private Investor Group in Acquiring Blimpie International, Inc.
SGR represented a private investor group in acquiring Blimpie International, Inc. (“Blimpie”) in a “going private” transaction valued at approximately $32 million. The transaction, structured as a cash merger, was completed in January 2002. Prior to completion of the merger, Blimpie was publicly traded on the American Stock Exchange. Blimpie is a global franchiser of several branded quick-service restaurant concepts, including BLIMPIE® Subs and Salads.
As part of the acquisition of Blimpie, SGR assisted the acquirer in raising the necessary financing for the transaction through a combination of a senior credit facility, private equity, vendor financing, and other sources. Investors include United Enterprise Fund, L.P., a private equity fund focused solely on the restaurant business, Jeffrey Endervelt, the California sub-franchiser of Blimpie, and Anthony Conza, the founder of Blimpie.
SGR attorneys Jay Schwartz and John Ethridge were primarily responsible for representing the acquirer in connection with the merger and equity financing. Jay Schwartz was primarily responsible for representing the acquirer in connection with its debt financing.