Patina Restaurant Group inked a $94.7 million deal to purchase Smith & Wollensky Restaurant Group yesterday. The final price tag was about $15 mil more than originally reported back in February.
Patina CEO Nick Valenti and chef-founder Joachim Splichal (known for restaurants like Patina and Sea Grill) teamed up with Bunker Hill Capital in order to buy the high-end restaurant group but plan to leave the steakhouse chain's six NYC restaurants (including Park Avenue Cafe and Quality Meats) in the hands of founder Alan Stillman.
"Smith & Wollensky is one of the most widely recognized and highly regarded restaurant brands in the United States," a representative of Bunker Hill said in a statement, "and we are excited to expand the concept by opening new locations across the country."