$10 MILLION JUST RAISED TO TAKE CHASEN'S PUBLIC! This post just in from Raging Bull:
By: mysonsdad
Reply To: None Friday, 7 May 1999 at 12:48 PM EDT
Post # of 1161
Truthseeker if you ever get the chance, fly to L.A. and try to get a reservation at Chasens... the wait could be several weeks.
Repost:
I took this off the www.sarahallitex.com site:
Venture Firm Eyes IPO for Chasen's
By Gregory J. Wilcox, Los Angeles Daily News Staff Writer
Reprinted from Los Angeles Daily News May 6, 1999.
Are prices at legendary Chasen's Restaurant a little too rich for your bank account?
Don't despair. Soon you'll be able buy a stake in the night spot that's been a favorite haunt of stars from Humphrey Bogart to Madonna for a lot less than the typical dinner tab.
Marina del Rey-based Sara Hallitex Corp., a venture banking firm, said Wednesday it has raised $10 million in financing for Chasen's International Inc. and will soon take the company public.
Garrett K. Krause, Sara Hallitex's president and chief executive officer, anticipates an opening price in the $5 to $7.50 per share range when trading starts later this month or in June.
"Restaurant stocks are starting to get hot," Krause said.
Chasen's International owns a controlling interest in and operates Chasen's Restaurant and Jockey Club in Beverly Hills and is planning to start construction on Chasen's Hollywood Cafe in Hollywood.
The money raised by Sara Hallitex, a publicly traded company, will be used in the expansion of Chasen's Restaurant and Jockey Club in New York and Las Vegas.
Chasen's International will develop and market an all-encompassing Hollywood-themed dining and entertainment experience based on the original Chasen's Restaurant concept.
Krause believes the world is big enough for a few more fine dining establishments and is looking at Chicago, San Francisco, London, Paris, Rome, Tokyo, Hong Kong, Singapore, Beijing, Buenos Aires, Rio de Janeiro and Mexico City as possible Chasen's locales.
"We feel it's the perfect time to bring Chasen's, a legendary, instantly recognized name, to the public market," Krause said.
Tom Miner, a principal at Chicago-based Tenomic Inc., a marketing and management consulting firm, said that the fine dining business is picking up steam.
"They have a great concept. It's 60 years old and proven still very successful," he said of Chasen's. "The fact you are looking at a broad international location strategy . . . makes sense. Now you can't get to Chasen's unless you go to Los Angeles."
Mysonsdad
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