September 28, 2016 6:08 AM ET

Hotels, Restaurants and Leisure

Company Overview of Ovation Brands, Inc.

Company Overview

Ovation Brands, Inc., through its subsidiary, Buffets, Inc., engages in the ownership and operation of a chain of restaurants in the United States. The company operates its restaurants under the names of Old Country Buffet, Country Buffet, HomeTown Buffet, Granny’s Buffet, Country Roadhouse Buffet & Grill, Tahoe Joe’s Famous Steakhouse, and Soup ‘N Salad Unlimited. It operated 376 restaurants, including 176 Old Country Buffets, 168 HomeTown Buffets, 1 Granny's Buffet, 1 Soup 'n Salad Unlimited, and 1 Country Roadhouse Buffet & Grill restaurant, as of October 1, 2004. Ovation Brands, Inc. was founded in 2000 and is headquartered in Eagan, Minnesota. On March 7, 2016, Buffets, LLC, along with ...

1020 Discovery Road

Suite 100

Eagan, MN 55121

United States

Founded in 2000





Key Executives for Ovation Brands, Inc.

Chief Executive Officer
Age: 69
Chief Financial Officer
Age: 55
Chief Operating Officer
Executive Vice President of Operations Services
Age: 62
Compensation as of Fiscal Year 2016.

Ovation Brands, Inc. Key Developments

Motion for Asset Sale Approved for Ovation Brands, Inc.

The US Bankruptcy Court gave an order approving the sale of certain assets of Ovation Brands, Inc. on June 1, 2016. The debtor has been authorized to sell its certain assets to TVE, LLC, the stalking horse bidder for a purchase price of $0.62 million in cash pursuant to an asset purchase agreement. Under the terms of the agreement, the buyer shall make a deposit of $0.01 million within five days of execution of the agreement. The debtor’s assets include certain real property and improvements located at 2426 Laurens Road, Greenville County. The purchase price is the highest and best offer received by the debtor for the property.

Interim DIP Financing Approved for Ovation Brands, Inc.

The US Bankruptcy Court gave an order to Buffets, LLC to obtain DIP financing on an interim basis on March 10, 2016. As per the order, the debtor has been authorized to obtain a promissory note in the amount of $1 million from Alamo CRG, LLC. The DIP loan would carry an interest rate of 7% p.a., along with an additional 3% p.a. interest in the event of default. The DIP facility would mature either on the occurrence of default or on the date of conversion to a Chapter 7 case or on the date of appointment of chapter 11 Trustee or July 5, 2016, whichever is earlier. The final DIP hearing is scheduled for March 24, 2016.

Ovation Brands Announces Executive Changes

Ovation Brands announced the promotion of company veteran Richard Wykes to the position of Senior Vice President (SVP) of Restaurant Operations for the company's Buffet Division, and the expansion of duties of Chip Romp to Vice President of Training & Operations Support spanning both the Buffet and Ryan's divisions. Pete Pascuzzi retains the role of SVP of Restaurant Operations for the Ryan's Division. The positions report to Greg Graber, Chief Operating Officer for the company. Wykes has served as the SVP of Operations Services for the past two years and Vice President of Operations Services for the prior two years for the Buffets portfolio for Ovation Brands, which includes Country Buffet®, Old Country Buffet® and Hometown® Buffet.

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Recent Private Companies Transactions

March 7, 2016

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