FoodFirst Global Restaurants

FoodFirst Global Restaurants (formerly Bravo Brio Restaurant Group) is the parent company of the Bravo! Cucina Italiana and Brio Tuscan Grille restaurant chains in the United States. It was established in Columbus, Ohio as Bravo Brio Restaurant Group in 1992 by Rick and Chris Doody in collaboration with Executive Chef Phil Yandolino. In 2018 the Company was sold to Spice Private Equity Ltd. and rebranded as FoodFirst Global Restaurants, [1] and is now based in Orlando, Florida. Steve Layt is the company's chief executive officer. [2] Brio specializes in Northern Italian cuisine including bruschetta, pizza, pasta, steaks, seafood, soup and salad. Bravo! restaurants have a Roman ruin style décor and an open, Italian style kitchen focusing primarily on pastas and pizzas.[3]

FoodFirst Global Restaurants
TypePrivate
IndustryRestaurants
Founded2018 (2018)
HeadquartersOrlando, FL
RevenueUS$ 407 million (2017)
OwnerSpice Private Equity Ltd.
Number of employees
5,000-10,000
Websitewww.foodfirst.com

History

Bravo Brio Restaurant Group (BBRG) was founded in 1992 by Rick Doody, his brother Chris Doody, and Executive Chef Phil Yandolino. Initially, the restaurant group consisted of one brand, Bravo Cucina Italiana. The first restaurant opened in Columbus, Ohio. Eventually, the restaurant group launched a second similar, but more upscale brand, Brio Tuscan Grille.

In October 2010, BBRG went public and their IPO raised net proceeds of $62.4 million.[4]

On May 24, 2018, BBRG was sold to Spice Private Equity Ltd.[5] and renamed FoodFirst Global Restaurants. BBRG sold for about $100 million[6] and their shareholders received $4.05 per share in cash. At that moment, Bravo and Brio managed 110 stores in 32 states, for an estimated sales volume of around 400 million dollars.[7]

On April 10, 2020, FoodFirst Global Holdings Inc. filed for voluntary Chapter 11 bankruptcy protection in the Middle District of Florida.[8]

Executive Officers
  • CEO - Steve Layt
  • Chairman - Antonio Bonchristiano
  • CFO - Brian Grusi
  • Chief Culinary Officer - John Imbriolo

In 2018 BBRG announced it had settled two lawsuits in 2017 for a total of $5.6 million. A class-action lawsuit filed in Missouri involved 8,000+ former and current employees and the Company settled the case for $4 million. A class-action lawsuit filed in New York involved over 500 employees and the Company settled the case for $1.6 million.[9]

References
  1. Jennings, Lisa (May 29, 2018). "Bravo Brio's new parent launches FoodFirst Global Restaurants Inc". Nation's Restaurant News. Retrieved Apr 27, 2019.
  2. Luna, Nancy (January 28, 2020). "FoodFirst Global Restaurants, parent to Brio Tuscan Grille and Bravo Cucina Italiana, names Steve Layt CEO". Nation's Restaurant News. Retrieved Mar 21, 2020.
  3. Good Food and Good Times -- But Are They Good Stocks? by Brian Hill, October 7, 2013 Daily Finance; The Motley Fool
  4. "Bravo Brio Restaurant Group, Inc. Successfully Completes Its Initial Public Offering". GlobeNewswire. Retrieved Mar 21, 2020.
  5. Jennings, Lisa (May 29, 2018). "Bravo Brio's new parent launches FoodFirst Global Restaurants Inc". Nation's Restaurant News. Retrieved Apr 27, 2019.
  6. "Bravo Brio Being Sold for $100 Million". Food Newsfeed. 8 March 2018. Retrieved 12 February 2019.
  7. Romeo, Peter (April 11, 2020). "Brio and Bravo parent files chapter 11 bakruptcy after closing 71 units". Retrieved June 30, 2020.
  8. https://www.bizjournals.com/orlando/news/2020/04/23/the-week-in-bankruptcies-foodfirst-global.html
  9. Malone, JD (June 7, 2018). "Bravo Brio's financial troubles included wage-suit settlements totaling $5.6 million". The Columbus Dispatch. Retrieved April 27, 2019.
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