FoodFirst Global Restaurants
| Private | |
| ISIN | 🆔 |
| Industry | Restaurants |
| Founded 📆 | 2018 |
| Founder 👔 | |
| Headquarters 🏙️ | Orlando, FL |
Area served 🗺️ | |
| Revenue🤑 | US$ 407 million (2017) |
| Owner | Spice Private Equity Ltd. |
| Members | |
Number of employees | 5,000-10,000 |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
FoodFirst Global Restaurants (formerly Bravo Brio Restaurant Group) is the parent company of the Bravo! Cucina Italiana and Brio Tuscan Grille restaurant chains in the United States. It was established in Columbus, Ohio as Bravo Brio Restaurant Group in 1992 by Rick and Chris Doody in collaboration with Executive Chef Phil Yandolino.[1] In 2018 the Company was sold to Spice Private Equity Ltd. and rebranded as FoodFirst Global Restaurants,[2] and is now based in Orlando, Florida. Steve Layt is the company's chief executive officer. [3] Brio specializes in Northern Italian cuisine including bruschetta, pizza, pasta, steaks, seafood, soup and salad. Bravo! restaurants have a Roman ruin style décor and an open, Italian style kitchen focusing primarily on pastas and pizzas.[4] The company's vision is to be the "Italian Mediterranean Way of Dining & Living."[5]
History
Bravo Brio Restaurant Group (BBRG) was founded in 1992 by Rick Doody, his brother Chris Doody, and Executive Chef Phil Yandolino. Initially, the restaurant group consisted of one brand, Bravo Cucina Italiana. The first restaurant opened in Columbus, Ohio. Eventually, the restaurant group launched a second similar, but more upscale brand, Brio Tuscan Grille.
In October 2010, BBRG went public and their IPO raised net proceeds of $62.4 million.[6]
On May 24, 2018, BBRG was sold to Spice Private Equity Ltd.[7] and renamed FoodFirst Global Restaurants. BBRG sold for about $100 million[8] and their shareholders received $4.05 per share in cash.
Executive Officers
- CEO - Steve Layt
- Chairman - Antonio Bonchristiano
- CFO - Brian Grusi
- Chief Culinary Officer - John Imbriolo
Legal
In 2018 BBRG announced it had settled two lawsuits in 2017 for a total of $5.6 million. A class-action lawsuit filed in Missouri involved 8,000+ former and current employees and the Company settled the case for $4 million. A class-action lawsuit filed in New York involved over 500 employees and the Company settled the case for $1.6 million.[9]
Bankruptcy
In 2020, Business Insider reports that FoodFirst Global Restaurants "filed for bankruptcy in April and announced it would close 71 of its 92 restaurants." It has already closed 10 locations in January and has continued declining as a result of the COVID-19 pandemic.[10]
References
- ↑ ""History"". Bbrg.com. Archived from the original on September 17, 2011. Retrieved March 21, 2020. Unknown parameter
|url-status=ignored (help) - ↑ Jennings, Lisa (May 29, 2018). "Bravo Brio's new parent launches FoodFirst Global Restaurants Inc". Nation's Restaurant News. Retrieved April 27, 2019.
- ↑ Luna, Nancy (January 28, 2020). "FoodFirst Global Restaurants, parent to Brio Tuscan Grille and Bravo Cucina Italiana, names Steve Layt CEO". Nation's Restaurant News. Retrieved March 21, 2020.
- ↑ Good Food and Good Times -- But Are They Good Stocks? by Brian Hill, October 7, 2013 Daily Finance; The Motley Fool
- ↑ "Our Values". Retrieved March 21, 2020.
- ↑ "Bravo Brio Restaurant Group, Inc. Successfully Completes Its Initial Public Offering". GlobeNewswire. Retrieved March 21, 2020.
- ↑ Jennings, Lisa (May 29, 2018). "Bravo Brio's new parent launches FoodFirst Global Restaurants Inc". Nation's Restaurant News. Retrieved April 27, 2019.
- ↑ "Bravo Brio Being Sold for $100 Million". Food Newsfeed. 8 March 2018. Retrieved February 12, 2019.
- ↑ Malone, JD (June 7, 2018). "Bravo Brio's financial troubles included wage-suit settlements totaling $5.6 million". The Columbus Dispatch. Archived from the original on April 27, 2019. Retrieved April 27, 2019.
- ↑ Jiang, Irene. "Chain restaurants have permanently closed over 500 locations so far in 2020. Here's the full list". Business Insider. Retrieved 2020-06-02.
External links
Category:Restaurant chains in the United States Category:Restaurant groups in the United States Category:Restaurants established in 1992 Category:Companies formerly listed on NASDAQ Category:1992 establishments in Ohio Category:2010 initial public offerings Category:2018 mergers and acquisitions Category:Private equity portfolio companies
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