Vince Orza sells Eateries, Inc.

[metro]

Did anyone catch the Journal Record article on the 10th that Vince Orza sold his Eateries Inc. (includes Garfields, Pepperoni Grill, etc) on undisclosed terms and price? If anyone has online JR access please post the article.

[PUGalicious]

If anyone has online JR access please post the article.

You mean violate copyrights to subscriber content? Are you hoping this site gets sued?

[Patrick]

You mean violate copyrights to subscriber content? Are you hoping this site gets sued?

For those that might be ingorant on the issue, we have secured a verbal okay to repost articles from the Journal Record and the Oklahoman.
We had a similar right to repost articles from OKCBusiness but they have since re-neged on their offer.

[drumsncode]

I remember back so long ago that Vince Orza was a frequent guest on Dannysday. He was just a young man with big dreams back then. Danny knew he had potential, he basically told us that Vince was "going places". 30 years later, it was a brilliant call by Danny Williams.

That was also the time Mary Hart lived in Edmond, circa 1978. 3 decades later, my, how things have changed!

[Pete]

I did business with Orza back in the 80's, as I leased space to some of his restaurants.

You can't argue with his success but I remember him to be one of the most arrogant and ulikeable people I've ever met.

[jbrown84]

I wonder what will happen to the lone Pepperoni Grill left in Penn Square. If it's an out-of-state buyer, they probably won't be interested in keeping it. Maybe they will sell it to Hal Smith or something.

[PUGalicious]

**

[Pete]

Orza sells Eateries, moves on: Declines to reveal buyer, selling price
by Kelley Chambers
The Journal Record
1/10/2007

OKLAHOMA CITY – After announcing that Eateries Inc. had been sold at the end of last year, former chairman Vince Orza said it wasn’t hard to let the business go.

“It’s not family, it’s just business,” he said.

Orza said he does not know the intention of the new, undisclosed owners, although he said he has no reason to believe that the Oklahoma restaurants, including Garfield’s and Pepperoni Grill, will close.

Orza began the company more than 20 years ago and opened his first Garfield’s in 1984.

In recent years, after Orza made an unsuccessful bid for governor and was later named dean of the Meinders School of Business at Oklahoma City University, he said he has taken a more hands-off approach in the company.

“I have been playing a lesser and lesser role as my younger partners have been looking for their chance to show their stuff,” he said. “I spent 23 years of my life doing it. It was time for the next generation of leadership.”

Orza, who had been serving as Eateries chairman, said he had planned to step aside at the end of the year even if the deal to purchase the company did not go through.

Orza declined to name the buyer or disclose the amount paid.

Nevertheless he said he still has plenty on his plate with several restaurants, his job at the university and television and lecture appearances.

Orza said he and his partners still own several restaurants including Coach’s, and franchises of IHOP and Sonic.

Eateries was at one time publicly traded; however, Orza and his partners took the company back to being privately held in 2004.

[metro]

Buyers of Eateries Inc. plan ambitious growth

By Don Mecoy
Business Writer

The group that bought Edmond-based Eateries Inc. has "ambitious growth plans” for the restaurant chain, according to a news release issued by an investment firm that provided funding for the acquisition.
It's not clear if those plans include keeping the company headquarters in Edmond.

Praesidian Capital Investors, a provider of mezzanine debt, supplied $6.5 million in subordinated debt and redeemable preferred equity to support the Eateries acquisition by Cordova, Smart & Williams LLC, Waterview Capital and management, Praesidian said this week.

Executives from Eateries and Cordova, Smart & Williams did not return telephone calls on Monday.

Praesidian Managing Partner Jason Drattell said his firm would work with the investment group to expand Eateries.

"We are delighted to partner with CSW, Waterview Capital and new Eateries CEO Richard Cervera and his terrific team, to help achieve the ambitious growth plans of the company's concept restaurant chains,” Drattell said in a statement.

Vince Orza, former Eateries chairman, said last month the sale occurred on the last working day of 2006. At the time, he declined to identify the buyer.

Three members of Cordova, Smart & Williams will sit on the board of directors of Eateries Inc. Cervera, the new chief executive officer, previously helmed Taco Cabana from 1986 to 1996, and led HOB Entertainment Inc., which operated House of Blues, from 1996 to 1997.

"We are very pleased to partner with this committed group of investors focused solely on what is beneficial for Eateries' business,” Cervera said in a statement. "With the strength of the brands we operate, we believe Eateries is positioned to grow its franchise and become an even more successful and valuable enterprise.”

Eateries, founded in 1984, operates more than 70 locations in 23 states, primarily Garfield's, an American casual dining chain, and Garcia's, a Mexican casual dining chain. The company runs Pepperoni Grill, which operates only in Oklahoma City.