News

Bennigan's CEO buys brand

Bennigan's CEO Paul Mangiamele and his wife Gwen have formed a new company, Legendary Restaurant Brands LLC, which owns the Bennigan's restaurant chain, as well as its new fast-casual concept, Bennigan's On The Fly and Steak and Ale.

February 20, 2015

Paul Mangiamele, CEO of Bennigan's, has purchased the family of brands from a private equity firm. Mangiamele has been the CEO since May 2011.

The new company, Legendary Restaurant Brands LLC, is now 100 percent owner of the Bennigan's restaurant chain, as well as its new fast-casual concept, Bennigan's On The Fly, and Steak and Ale.

Mangiamele and his wife Gwen initiated and executed the Management Buy Out (MBO) from its parent private equity firm for an undisclosed price. The transaction closed on Feb. 11.

"Everyone knows how passionate I am about Bennigan's and Steak and Ale, and Gwen and I have never been more excited about the brands' future than we are today," said Mangiamele in a press release. "My committed team and I have worked tirelessly over the last four years, in collaboration with our incredible franchise partners and our loyal vendor partners, to return Bennigan's to its rightful place as the leader of the casual dining segment. While there's still plenty of work to be done, it's clear that our work is bearing fruit, the emotional connections to the brands are stronger than ever and the best is yet to come!"

As part of the MBO announcement, Mangiamele also hinted at major deals that will be officially unveiled in the weeks ahead, including Master Development Agreements for expansion in California, the Middle East and throughout Central and South America.

Bennigan's On The Fly is being rolled out for smaller-footprint sites such as universities, hospitals, airports, cruise ships and other high-traffic locations. The fast casual concept offers a limited menu of Bennigan's dishes in a flexible footprint.