ABRH majority owner aims for equity stake boost

The majority owner of the holding company for O’Charley’s has moved to consolidate its control over that business and the 99 Restaurants chain as it looks to improve their finances for a possible sale.

Cannae Holdings executives last month signed a letter of intent with Newport Global Holdings, which owns almost 40 percent of O’Charley’s parent American Blue Ribbon Holdings, to reorganize the two entities’ equity stakes. Nashville-based American Blue Ribbon also owns the Bakers Square and Village Inn family dining brands as well as a baking subsidiary, but Cannae and Newport have agreed to swap Newport’s stake in American Blue Ribbon for nearly all of those brands. In return, Cannae will end up owning 94 percent of O’Charley’s and 99.