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jan/sanNewsvendors

Solenis Completes Acquisition of Diversey for $4.6 Billion

by Katie Lee

Wilmington, Del. — Solenis, a leading manufacturer of specialty chemicals used in water-intensive industries, has completed its previously announced acquisition of Diversey Holdings, Ltd., effective July 5, in an all-cash transaction valued at an enterprise value of approximately $4.6 billion. Diversey is a leading provider of hygiene, infection prevention and cleaning products and technology. With the acquisition, Solenis has grown to an enterprise operating in over 130 countries with 71 manufacturing facilities and more than 15,000 employees. Headquartered in Wilmington, Del., Solenis was acquired by Platinum Equity in 2021. Bain …

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Newsretailers

L Brands to Spin Off Victoria’s Secret into Publicly Traded Company

by Katie Lee

Columbus, Ohio — The board of directors for L Brands Inc. has unanimously approved a plan to separate the company into two independent, public companies consisting of Bath & Body Works and Victoria’s Secret. L Brands expects to create these companies through a tax-free spinoff of Victoria’s Secret to the shareholders of L Brands. “The spinoff will enable each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth,” L Brands stated in a news release. As separate businesses, each will …

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franchise developmentNewsrestaurants

Zaxby’s to Expand in New Markets with Capital Investment from Goldman Sachs

by Katie Lee

Athens, Ga. — Zaxby’s Operating Company L.P. (Zaxby’s) and its subsidiaries have announced that investment funds managed by the Goldman Sachs Merchant Banking Division (Goldman Sachs) will acquire a significant stake in the company. The partnership will support accelerated growth for Zaxby’s as well as expansion into new sales channels with a guest-focused strategy. The deal is expected to be finalized by year end 2020. Zaxby’s, the fast-casual chain known for its chicken fingers, wings and signature sauces, operates primarily in the Southeastern United States, with more than 900 restaurants …

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Newsrestaurants

Ruby Tuesday Files for Chapter 11 Bankruptcy Protection, Closes 185 Restaurants

by Katie Lee

Maryville, Tenn. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tenn.-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July citing similar struggles. “This announcement does not mean ‘Goodbye, Ruby Tuesday’ — this is ‘Hello, to a stronger Ruby Tuesday’,” …

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