Chef Jose Garces’ eponymous Garces Restaurant Group has officially been acquired by Louisiana-based hospitality company Ballard Brands, and it’s now on the search for a new Philadelphia headquarters as more restaurants are set to close.
Ballard Brands and investor David Maser, in a partnership called 3BM1, will purchase the majority of the Garces Group’s restaurants and its events division for $8 million, officials announced.
The U.S. Bankruptcy Court in Camden approved the sale, which closed Tuesday. 3MB1 will purchase the restaurant group in cash and assumed liabilities. Included in this transaction is the Chubb Conference Center in Lafayette Hill, writes Kenneth Hilario in the Philadelphia Business Journal.
As part of the sale, 3BM1 will now own: Amada, Tinto, Village Whiskey, The Olde Bar, JG Domestic, Volvér and the events division, and it will take control of the management contracts that operate Olón and Okatshe in the Tropicana Hotel in Atlantic City, the Amada and Distrito in the newly opened Ocean Resort & Casino, Chubb Conference Center in Lafayette Hill and Ortzi in New York.
“Those agreements are strictly based on providing menu concepts and hospitality training,” officials said in a statement. “Part of the vision for the new partnership is leverage the combined experience of the Ballards and Garces to significantly expand the managed restaurants line of business.”
3BM1 officials said the transaction will “bring stability to the Garces Group’s finances while also bringing Ballard’s decades of experience in launching and expanding successful concepts.”
The sale comes less than one month after Ballard Brands increased its bid for the Garces Restaurant Group, and it ends a bankruptcy saga that began in May this year when the group announced it filed for Chapter 11 bankruptcy protection.
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