An investor group led by Chicago-based private-equity firm Victory Park Capital acquired deep-dish pizza chain Giordano’s out of Chapter 11 bankruptcy for $61.6 million, according to reports from the Chicago Tribune and Crain’s Chicago Business.
The auction for the assets of Giordano’s Enterprises LLC, also based in Chicago, concluded after midnight Wednesday morning.
Chicago-based Origin Capital Partners, also a private equity firm, also is involved with the winning investor group.
Other parties that had expressed interest in bidding for Giordano’s during the brand’s 10-month stint under bankruptcy protection included John and Eva Apostolou, who had owned Giordano’s since 1988; a group of Giordano’s franchisees; and principals of rival chain Connie’s Pizza.
The Connie’s Pizza principals entered a $26 million “stalking horse” bid last month for Giordano’s restaurant assets, not including real estate. Giordano’s trustee, attorney Philip Martino of Quarles & Brady LLP, listed the assets for bid as five company-owned restaurants, five joint-venture locations, franchise agreements for 40 locations, Giordano’s intellectual property, and 20 parcels of real estate associated with corporate and franchised restaurants.