Fidelity National Financial, Inc. Announces Merger of O'Charley's into American Blue Ribbon Holdings
JACKSONVILLE, Fla., May 31, 2012 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance, mortgage services and diversified services, today announced that it completed the merger of O'Charley's LLC, a previously 100%-owned subsidiary of FNF, with American Blue Ribbon Holdings LLC ("ABRH"), FNF's previously 45% owned restaurant company. As a result of the merger, FNF now owns 55% of the combined entity (which will retain the ABRH name) and will begin to consolidate the financial results of ABRH in the second quarter of 2012. After the closing of a new 5-year credit facility and the subsequent ABRH repayment of an FNF intercompany note payable, FNF's aggregate cash investment in ABRH is approximately $120 million.
ABRH currently owns and operates 674 restaurants in 43 states under six different restaurant concepts including Village Inn, Bakers Square, Max & Erma's, O'Charley's, Ninety Nine Restaurant and Stoney River Legendary Steaks, as well as the APC award winning pie bakery Legendary Baking, with total annual revenue of approximately $1.3 billion.
About FNF
Fidelity National Financial, Inc. (NYSE: FNF), is a leading provider of title insurance, mortgage services and diversified services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States. FNF also owns a 55% stake in American Blue Ribbon Holdings, LLC, an owner and operator of the Village Inn, Bakers Square, Max & Erma's, O'Charley's, Ninety Nine Restaurant and Stoney River Legendary Steaks concepts, as well as the APC award-winning pie bakery Legendary Baking. In addition, among other operations, FNF owns minority interests in Ceridian Corporation, a leading provider of global human capital management and payment solutions and Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. More information about FNF can be found at www.fnf.com.
Forward Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to our traditional areas of focus, or difficulties in integrating acquisitions; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE Fidelity National Financial, Inc.
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