Benihana Goes Up for Sale, Middle Market PE Likely Interested

We now have the next public restaurant deal. Benihana, which just settled a proxy fight, has hired Jefferies & Co. to sell the company. But don't expect any big PE firms, like KKR or Apollo Management, to be interested. This is a smaller play geared more to middle-market buyout shops. Miami-based Benihana is pretty small. In August, the company reported that first quarter revenue increased by 5% to $100.8 million for the time period ended July 18. Income from operations stood at $2.5 million while net income was $1.3 million for the time period. The company’s market cap is currently $108.2 million.

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