Delaware North Cos. has completed its acquisition of a majority interest in the Patina Restaurant Group from Shidax Corp.
Patina operates high-end restaurants and manages catering operations at prominent venues in New York City, Los Angeles, Las Vegas and Orlando, Fla. Shidax, a Japanese foodservice company, will continue to own a minority interest in Patina. The deal was announced in February.
Shidax, which is publicly traded, said it sold a large share of its voting rights for nearly $60 million. Delaware North, which is privately held, declined to discuss the sale price but said “the financial figure in the Shidax Corp. disclosure is not inclusive of the total financial consideration for the acquisition of Patina.”
The addition of Patina’s operations brings Delaware North’s total employment to nearly 60,000 people, and is expected to push Delaware North’s revenues this year past $3 billion.