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Rubio's closes merger to go private
August 25, 2010
Rubio's Restaurants, Inc. has closed its merger with a Mill Road Capital, L.P. subsidiary to officially make the company private.
In the transaction, former stockholders for Rubio's are receiving $8.70 per share in cash.
Rubio's headquarters will stay in Carlsbad, Calif., and will continue to be led by the existing management team. Ralph Rubio, founder, retains ownership and will continue as a member of the Board of Directors.
No major changes are expected as a result of the announcement.
"This is a milestone for Rubio's," Rubio said. "I was excited to open the first Rubio's in 1983. Going public in 1999 provided us with the resources to quickly expand. Returning to private ownership will afford us the independence and flexibility to continue to build our unique brand. Rubio's will continue to offer our guests the freshest, most delicious Beach Mex cuisine."
Mill Road first began analyzing Rubio's more than four years ago, gradually building up significant public ownership with the company.
"Taking Rubio's private represents the ultimate expression of our confidence in the company's management and its future," said Scott Scharfman, managing director at Mill Road.
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