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Brio Italian Grille and Bravo! Italian Kitchen

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Brio Italian Grille and Bravo! Italian Kitchen
Company typePrivate
Nasdaq: BBRG
IndustryRestaurants
Founded1992; 32 years ago (1992)
FoundersRick Doody and Chris Doody
HeadquartersOrlando, Florida
Number of locations
59
RevenueUS$ 407 million (2017) [citation needed]
OwnerEarl Enterprises
Number of employees
5,000-10,000
Websitewww.brioitalian.com
www.bravoitalian.com

Brio Italian Grille and Bravo! Italian Kitchen (formerly known as Brio Tuscan Grille and Bravo! Cucina Italiana) are American upscale casual dining restaurant chains that specialize in Italian-American cuisine. The chains were established in Columbus, Ohio as Bravo Development, Inc. (BDI) in 1992 by Rick and Chris Doody in collaboration with Executive Chef Phil Yandolino. The company then became Bravo Brio Restaurant Group in 2010 when it went public. In 2018, the company was sold to Spice Private Equity Ltd. and Brio Bravo Restaurant Group was rebranded as FoodFirst Global Restaurants,[1] and is now based in Orlando, Florida. Steve Layt is the company's chief executive officer.[2] As of 2023, both chains are now subsidiaries of Earl Enterprises.[3] Brio specializes in Northern Italian cuisine including bruschetta, pizza, pasta, steaks, seafood, soup and salad. Bravo! restaurants have a Roman ruin style décor and an open, Italian style kitchen focusing primarily on pastas and pizzas.[4]

History

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Bravo Development, Inc. (BDI) was founded in 1992 by Rick Doody, his brother Chris Doody, and Executive Chef Phil Yandolino. Initially, the restaurant group consisted of one brand, Bravo! Cucina Italiana. The first restaurant opened in Columbus, Ohio. Eventually, the restaurant group launched a second similar, but more upscale brand, Brio Tuscan Grille in Columbus as well.

In October 2010, BDI went public and became Bravo Brio Restaurant Group (BBRG). Their IPO raised net proceeds of $62.4 million.[5]

On May 24, 2018, BBRG was sold to Spice Private Equity Ltd.[6] and renamed FoodFirst Global Restaurants. BBRG sold for about $100 million[7] and their shareholders received $4.05 per share in cash. At that moment, Bravo and Brio managed 110 stores in 32 states, for an estimated sales volume of around 400 million dollars.[8]

On April 10, 2020, FoodFirst Global Holdings Inc. filed for voluntary Chapter 11 bankruptcy protection in the Middle District of Florida.[9]

On June 12, 2020, Earl Enterprises acquired Brio and Bravo from FoodFirst Global Holdings.[10]

Executive Officers

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  • CEO - Steve Layt
  • Chairman - Antonio Bonchristiano
  • CFO - Brian Grusi
  • Chief Culinary Officer - John Imbriolo
[edit]

In 2018, BBRG announced it had settled two lawsuits in 2017 for a total of $5.6 million. A class-action lawsuit filed in Missouri involved 8,000+ former and current employees and the Company settled the case for $4 million. A class-action lawsuit filed in New York involved over 500 employees and the Company settled the case for $1.6 million.[11]

References

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  1. ^ Jennings, Lisa (May 29, 2018). "Bravo Brio's new parent launches FoodFirst Global Restaurants Inc". Nation's Restaurant News. Retrieved Apr 27, 2019.
  2. ^ Luna, Nancy (January 28, 2020). "FoodFirst Global Restaurants, parent to Brio Tuscan Grille and Bravo Cucina Italiana, names Steve Layt CEO". Nation's Restaurant News. Retrieved Mar 21, 2020.
  3. ^ "Earl Enterprises Acquires Brio Italian Grille and Bravo! Italian Kitchen". RestaurantNews. June 12, 2020. Retrieved September 9, 2023.
  4. ^ Good Food and Good Times -- But Are They Good Stocks? by Brian Hill, October 7, 2013 Daily Finance; The Motley Fool
  5. ^ "Bravo Brio Restaurant Group, Inc. Successfully Completes Its Initial Public Offering". GlobeNewswire (Press release). 26 October 2010. Retrieved Mar 21, 2020.
  6. ^ Jennings, Lisa (May 29, 2018). "Bravo Brio's new parent launches FoodFirst Global Restaurants Inc". Nation's Restaurant News. Retrieved Apr 27, 2019.
  7. ^ "Bravo Brio Being Sold for $100 Million". Food Newsfeed. 8 March 2018. Retrieved 12 February 2019.
  8. ^ Romeo, Peter (April 11, 2020). "Brio and Bravo parent files chapter 11 bankruptcy after closing 71 units". Retrieved June 30, 2020.
  9. ^ "The week in bankruptcies: FoodFirst Global Restaurants Inc., FoodFirst Global Holdings Inc. and 6 more". Orlando Business Journal. April 23, 2020. Retrieved 30 January 2023.
  10. ^ "Earl Enterprises Acquires Brio Italian Grille and Bravo! Italian Kitchen". RestaurantNews. June 12, 2020. Retrieved September 9, 2023.
  11. ^ Malone, JD (June 7, 2018). "Bravo Brio's financial troubles included wage-suit settlements totaling $5.6 million". The Columbus Dispatch. Archived from the original on April 27, 2019. Retrieved April 27, 2019.
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