Aurify Brands Adds Le Pain Quotidien U.S. Restaurant Business to Leading Brand Portfolio

NEW YORK, June 30, 2020 /PRNewswire/ -- Aurify Brands, an experienced hospitality company with category-leading restaurants including The Little Beet, Melt Shop, Fields Good Chicken, and The Little Beet Table, today announced that it has added Le Pain Quotidien to its brand portfolio and is the new owner and operator of the business in the United States.

Aurify Brands will be reopening more than 40 LPQ restaurants to serve new and returning customers in select cities and suburban markets across New York, California, Connecticut, Maryland, Virginia, the District of Columbia, and Florida. Select locations are anticipated to reopen as early as mid-July. The relaunch of the LPQ business by Aurify Brands will create more than 1,200 jobs, including the rehiring of a significant number of former employees who had been terminated by the prior owner primarily due to the COVID-19 outbreak.

"We are thrilled to add Le Pain Quotidien, which has an ethos and mission we greatly admire, to our established and growing family of leading brands," said John Rigos, Co-CEO of Aurify Brands. "Leveraging Aurify Brands' operational expertise and financial resources as well as our platform's proprietary tools, systems, and infrastructure, we see a significant opportunity to build on LPQ's unique position in the marketplace, differentiated offering, and loyal customer base to fully realize the brand's potential. We look forward to welcoming back LPQ customers as we reopen locations across the country and are proud to continue to support the local communities in which all of our brands operate."

Andy Stern, Co-CEO of Aurify Brands, added, "At Aurify Brands, we are deeply committed to building quality brands that create one-of-a-kind experiences for our guests and unparalleled opportunities for our team members. Especially during these unprecedented times, we are fortunate to be able to draw upon nearly two decades of industry experience, exceptional talent across our organization, and our innovative platform as we expand our presence within the hospitality industry. We are focused on continuing to position our brands for the long term and are excited to strategically grow our portfolio."

The transaction was accomplished through a Chapter 11 filing by certain LPQ entities. The process was supported by Aurify Brands, serving as both financing provider and purchaser. The sale was approved by the U.S. Bankruptcy Court for the District of Delaware on June 26 and closed today.

Katten Muchin Rosenman LLP served as legal counsel to Aurify Brands; CohnReznick LLP served as financial advisor; and RCS Real Estate Advisors served as real estate advisor on the transaction.

About Aurify Brands

Based in New York City, Aurify Brands is a next generation hospitality group that creates, grows, and operates category-leading brands including The Little Beet, Melt Shop, Fields Good Chicken, and The Little Beet Table. The Aurify Brands portfolio currently comprises more than 50 restaurants across these four brands in multiple markets, including New York, New Jersey, the District of Columbia, Florida, and Pennsylvania. Aurify Brands was formed to identify unmet market needs that can be filled with original concepts, acquire existing companies with high brand potential, and continue developing multi-unit franchise concepts with stand-out brand characteristics. As restaurant operators with deep industry acumen and a proven approach to unlocking brand value, the principals of Aurify Brands have built more than 100 restaurants over the last two decades.

Media Contact:
Kekst CNC
Sherri L. Toub / Anntal Silver
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SOURCE Aurify Brands

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