Delaware North Companies has entered into an agreement to acquire a majority interest in Patina Restaurant Group, which operates restaurants and manages catering and food service operations at high-profile venues in New York, California, Las Vegas and Orlando. Patina is currently majority owned by the Japanese firm Shidax Corp., which will continue to own a minority interest in the unit. Total revenue for DNC with the addition of Patina is expected to be in excess of $3 billion in 2014.
"Patina Restaurant Group is one of the most respected restaurant companies in North America, with an unequaled group of world-class venues and restaurant locations," says DNC Principal Jeremy Jacobs Jr. "Nick Valenti and Founder/Chef Joachim Splichal have built an exceptional company focused on culinary excellence and outstanding service that we are proud to add to Delaware North's world-class portfolio."
Patina is composed mostly of the commercial restaurant division of Restaurant Associates that was spun off by RA parent Compass Group in 2006 (at the time, Compass retained a 30% stake in the unit but has since sold that off according to a company spokesperson). That unit included RA's venerable restaurant portfolio on the East Coast combined with Splichal's West Coast restaurants that RA acquired in 1999. Valenti and Splichal will remain in their current positions at Patina, and will now also apply their experience and knowledge across DNC's portfolio.
"Joachim and I are delighted to now be a part of Delaware North, a company we've admired for many years," says Valenti, Patina's CEO. "We share a common philosophy centered on providing memorable dining with superior service to our guests."
Patina's portfolio on the West Coast includes the Michelin-starred Patina Restaurant in the Walt Disney Concert Hall, Nick & Stef's Steakhouse, Cafe Pinot at the Maguire Gardens, Catal and three other restaurants in Anaheim's Downtown Disney District, Leatherby's Cafe Rouge at the Segerstrom Center for the Arts, Hollywood Bowl, Pinot Brasserie in Las Vegas and catering and food service in museums and cultural centers throughout California.
On the East Coast, it operates the Michelin-starred Lincoln Ristorante at Lincoln Center, New York City's world-famous Rockefeller Center Ice Rink, Rock Center Cafe, The Sea Grill, Brasserie, Cafe Centro, Naples 45, The Grand Tier Restaurant at the Metropolitan Opera and La Fonda Del Sol. Other East Coast properties include Tutto Italia Ristorante at the Epcot World Showcase in Orlando.
Patina Catering is one of the premier caterers on the West Coast with an event portfolio that includes the Emmy Awards, the City of Hope Spirit of Life Dinner, Los Angeles Philharmonic gala, Heal the Bay Benefit dinner, and numerous entertainment and fashion events. It is also the exclusive caterer for some exclusive performing arts and cultural centers in Northern and Southern California.