G&R Acquisition Completes Acquisition of Max & Erma's
Max & Erma's Restaurants, Inc. (NASDAQ: MAXE) today announced that G&R Acquisition, Inc. has completed its acquisition of Max & Erma's Restaurants, Inc. Under the terms of the transaction, G&R Acquisition acquired Max & Erma's for approximately $11.3 million in cash, or $4.00 per share.
Max & Erma's was advised by its financial advisor, KeyBanc Capital Markets, Inc., and legal counsel Porter, Wright, Morris & Arthur, LLP. Legal counsel for G&R Acquisition, Inc. was Buchanan Ingersoll & Rooney PC.
At July 10, 2008, Max & Erma's owns and operates 79 casual dining full-service restaurants under the Max & Erma's name in Akron, Canton, Cincinnati, Cleveland, Columbus, Dayton, Niles, and Toledo Ohio, Indianapolis, Indiana, Ann Arbor, Detroit, Grand Rapids and Lansing, Michigan, Pittsburgh, Erie and Washington, Pennsylvania, Crestview Hills, Lexington and Louisville, Kentucky, Chicago, Illinois, Charlotte, North Carolina, Atlanta, Georgia, and Virginia Beach and Norfolk, Virginia. The Company also currently franchises 28 restaurants in Chillicothe, Cincinnati, Cleveland, Columbus, Dayton, Findlay, Lancaster, Sandusky, Sharonville and Wilmington, Ohio, St. Louis, Missouri, Philadelphia, Pennsylvania, Detroit, Michigan, Dulles, Richmond, Norfolk and Virginia Beach, Virginia, Myrtle Beach, South Carolina, Huntington, West Virginia, and the State of Indiana.
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