J. Alexander’s Holdings Inc. (NYSE: JAX) has agreed to acquire casual dining restaurant chain 99 Restaurant & Pub from Fidelity National Financial Inc. for $199 million, including debt. The buyer has been seeking acquisitions since it was spun off from Fidelity in 2015.
Woburn, Massachusetts-based 99 Restaurant operates 106 eateries throughout the Northeast and East. The target serves traditional American items such as burgers, salads and sandwiches, along with local lobster. J. Alexanders is based in Nashville and owns 42 upscale restaurants across three brands: J. Alexander’s, Redlands Grill and Stoney River Steakhouse and Grill.