Orlando-based Restaurant Acquisition Partners Inc. announced an agreement to merge with privately held Oregano's Pizza Bistro Inc.
Oregano's owns and operates eight Arizona restaurants, including one in Tucson at 4900 E. Speedway, and three additional Arizona units in development. For the fiscal year ended 2007, Oregano's revenues were about $23 million and same-store sales growth was 4.6 percent, according to a company media release.
Under the agreement, Oregano's sole shareholder will receive about $25.5 million. The transaction is expected to close in the fourth quarter.
Restaurant Acquisition Partners is a publicly traded company formed in 2005 to effect a merger with an operating business in the restaurant industry. It will take the Oregano's name.
Besides the Tucson location, Oregano's has two locations in Scottsdale and restaurants in Gilbert, Mesa, Phoenix, Tempe and Flagstaff.