US-based property insurer Fidelity National Financial (FNF) has completed the merger of its 100%-owned subsidiary, O'Charley's with American Blue Ribbon Holdings, a FNF's previously 45% owned restaurant company.
As part of the merger, the company now owns a combined 55% stake in the entity, which will retain the ABRH name and will start to consolidate the financial results in the second quarter of 2012.
FNF's aggregate cash investment in ABRH is around $120m, following closing of a new five-year credit facility and the subsequent ABRH repayment of an FNF intercompany note payable.
With total annual revenue of $1.3bn, ABRH currently owns and operates 674 restaurants in 43 states under six different restaurant concepts including Village Inn, Bakers Square, Max & Erma's, O'Charley's, Ninety Nine Restaurant and Stoney River Legendary Steaks, as well as Legendary Baking.
FNF offers title insurance, mortgage services and diversified services, and through its title insurance underwriters, Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies in the US.
