Alston & Bird advised Synovus Bank, as administrative agent and a lender, in financing SPB Hospitality’s acquisition of J Alexander’s Holdings, the parent company of J Alexander’s Restaurant and other brands. Upon closing, each share of J. Alexander’s common stock was converted into the right to receive $14.00 in cash per share, which equates to an equity value of approximately $220 million.
SPB Hospitality is an industry-leading operator and franchisor of steakhouses, pizza, and craft brewery restaurants. J. Alexander's Holdings operates 47 upscale restaurants, including J. Alexander's, Stoney River Steakhouse and Grill, Redlands Grill, Overland Park Grill, and Merus Grill.
Synovus Bank is a full-service financial services company and a wholly owned subsidiary of Synovus Financial Corp., a financial services company based in Columbus, GA, with approximately $55 billion in assets.
Advising Synovus Bank in the financing was an Alston & Bird team led by partner Jordan Myers and counsel Chris Underwood (Finance) and partner Jonathan Edwards (Financial Restructuring & Reorganization).