RIO DE JANEIRO, June 21 Brazilian real estate
developer JHSF Participacoes SA agreed to buy the 13
restaurants operated by Sao Paulo-based Grupo Fasano and the
rights to the Fasano luxury brand name, the Folha de S. Paulo
daily newspaper reported on Saturday.
JHSF will pay 53 million reais ($23.8 million) for brand
rights and the restaurants, which are located in Fasano luxury
hotels, the paper said. Conclusion of the sale is dependent on
due diligence and final shareholder approvals, the paper added.
The price is equal to 5.5 times the restaurants' earnings
before interest, taxes, depreciation and amortization, or
EBITDA, Folha said, citing JHSF officials.
Neither company answered telephone calls made outside of
normal business hours or immediately responded to e-mails
The Fasano group of hotels and restaurants is controlled by
Sao Paulo businessman Rogerio Fasano whose Italian-immigrant
family began running upscale restaurants in the city more than
100 years ago, according to the Fasano website.
The group runs restaurants, hotels and resorts in Sao Paulo,
Rio de Janeiro, and other locations in Brazil and Uruguay, the
($1 = 2.23 Brazilian reais)
(Reporting by Jeb Blount; Editing by Sophie Hares)