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Compass Group PLC Buys Out Levy Restaurants
November 8, 2006
Larry Levy has decided to sell the remaining 51 percent of his Chicago-based Levy Restaurants for, reportedly, $250 million. Wow. The spoils go to Compass Group PLC, which already owns 49 percent of Levy. A Jan. 14 article in the Chicago Tribune about the deal contains a priceless quote from Lettuce Entertain You Enterprises founder Rich Melman. Seems as though Levy called his old competitor, presumably to tell him he’s pulling stakes and handing over the business to the giant concessionaire. Melman’s reaction: He can’t imagine Spiaggia being operated by Compass, a $23 billion company. Maybe I’m going out on a limb here, but I can imagine LEYE operating it. One can only wonder if Melman and his partners tried to buy the award-winning eatery—or whether Compass may eventually sell it along with Levy’s remaining eight restaurants.
Posted by David Farkas on November 8, 2006 | Comments (0)