McCormick & Schmick's buys Canada restaurants
McCormick & Schmick's Seafood Restaurants Inc. said Wednesday it is buying all of the operating assets and intellectual property of The Boathouse restaurant chain from The Spectra Group of Great Restaurants Inc. in Canada.
Portland-based McCormick & Schmick's (NASDAQ: MSSR) is paying $14.3 million for The Boathouse, which is based in Vancouver, British Columbia.
The Boathouse operates five prime waterfront locations and generated approximately $18.7 million in revenue over the 12-month period ended July 23.
A local landmark in the Vancouver area for more than 20 years, The Boathouse specializes in offering fresh seafood, premium meats and an extensive wine list in a relaxed and casual atmosphere.
In addition, McCormick & Schmick's intends to purchase inventory and other current assets, assume certain short-term liabilities, and assume the lease for a sixth restaurant in Port Moody, British Columbia, which is currently under construction. The acquisition is expected to be completed in the first quarter of 2007.
Portland-based McCormick & Schmick's (NASDAQ: MSSR) is paying $14.3 million for The Boathouse, which is based in Vancouver, British Columbia.
The Boathouse operates five prime waterfront locations and generated approximately $18.7 million in revenue over the 12-month period ended July 23.
A local landmark in the Vancouver area for more than 20 years, The Boathouse specializes in offering fresh seafood, premium meats and an extensive wine list in a relaxed and casual atmosphere.
In addition, McCormick & Schmick's intends to purchase inventory and other current assets, assume certain short-term liabilities, and assume the lease for a sixth restaurant in Port Moody, British Columbia, which is currently under construction. The acquisition is expected to be completed in the first quarter of 2007.
McCormick & Schmick's Seafood Restaurants Inc. said Wednesday it is buying all of the operating assets and intellectual property of The Boathouse restaurant chain from The Spectra Group of Great Restaurants Inc. in Canada.
Portland-based McCormick & Schmick's (NASDAQ: MSSR) is paying $14.3 million for The Boathouse, which is based in Vancouver, British Columbia.
The Boathouse operates five prime waterfront locations and generated approximately $18.7 million in revenue over the 12-month period ended July 23.
A local landmark in the Vancouver area for more than 20 years, The Boathouse specializes in offering fresh seafood, premium meats and an extensive wine list in a relaxed and casual atmosphere.
In addition, McCormick & Schmick's intends to purchase inventory and other current assets, assume certain short-term liabilities, and assume the lease for a sixth restaurant in Port Moody, British Columbia, which is currently under construction. The acquisition is expected to be completed in the first quarter of 2007.
Portland-based McCormick & Schmick's (NASDAQ: MSSR) is paying $14.3 million for The Boathouse, which is based in Vancouver, British Columbia.
The Boathouse operates five prime waterfront locations and generated approximately $18.7 million in revenue over the 12-month period ended July 23.
A local landmark in the Vancouver area for more than 20 years, The Boathouse specializes in offering fresh seafood, premium meats and an extensive wine list in a relaxed and casual atmosphere.
In addition, McCormick & Schmick's intends to purchase inventory and other current assets, assume certain short-term liabilities, and assume the lease for a sixth restaurant in Port Moody, British Columbia, which is currently under construction. The acquisition is expected to be completed in the first quarter of 2007.
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