Fidelity National Financial Inc., a Jacksonville, Fla.-based insurance company, will acquire J. Alexander’s Corp. and its 33 restaurants, including the Baton Rouge location at the Mall of Louisiana, in a $72 million deal.
J. Alexander’s will become part of American Blue Ribbon Holdings Inc., Fidelity’s newly formed restaurant subsidiary. American Blue Ribbon owns and operates 674 restaurants in 43 states under six brands, including Bakers Square, Max & Erma’s, Village Inn, and O’Charley’s. American Blue Ribbon has annual revenue of about $1.3 billion.
J. Alexander’s is expected to add about $200 million in revenue to American Blue Ribbon. Under the deal, J. Alexander shareholders will get either $12 in cash or $3 in cash and a share of American Blue Ribbon. The American Blue Ribbon shares will be listed on Nasdaq.