BJ's Restaurants announces a cooperation agreement with Act III Holdings to support its strategic growth initiatives.
Quiver AI Summary
BJ's Restaurants, Inc. announced a cooperation agreement with Act III Holdings, LLC, led by Ronald M. Shaich, to enhance the company's strategic direction and growth. BJ's Chair, Lea Anne S. Ottinger, expressed confidence in Shaich's expertise in the restaurant industry, while Shaich praised BJ's Board for their recent leadership changes. Both parties are committed to collaborating closely to maximize BJ's potential as the company seeks to innovate and expand its offerings. Additionally, Act III has agreed to a standstill and voting commitment as part of the agreement, which is detailed in BJ's filing with the SEC.
Potential Positives
- The cooperation agreement with Act III Holdings introduces experienced leadership in the restaurant industry, particularly from Ron Shaich, which may enhance BJ's strategic direction and operational performance.
- The endorsement and support from Act III Holdings signifies confidence in BJ's current management and strategic vision, potentially boosting investor and consumer confidence in the brand.
- As a result of the agreement, BJ's may benefit from Act III's industry insights and investment strategies, allowing for growth in operational capabilities and market presence.
Potential Negatives
- The announcement of a cooperation agreement with Act III Holdings, which includes a standstill, may suggest internal challenges in governance and strategic alignment within BJ’s Restaurants that necessitate external intervention.
- The involvement of Ronald M. Shaich, a notable figure in the restaurant industry, could imply that BJ’s has been seeking significant change or expertise to address underlying operational or strategic issues.
- The mention of new leadership and the need for collaboration to exceed goals may indicate that the company is currently experiencing difficulties in achieving its objectives independently.
FAQ
What is the recent agreement made by BJ's Restaurants?
BJ’s Restaurants has entered into a cooperation agreement with Act III Holdings, led by Ron Shaich, focusing on strategic growth.
Who is Ron Shaich in relation to BJ's Restaurants?
Ron Shaich is the Managing Partner and CEO of Act III Holdings and is known for founding Panera Bread.
What are BJ's Restaurants' main offerings?
BJ's offers a diverse menu, including slow-roasted entrees, EnLIGHTened Entrees®, signature deep-dish pizza, and Pizookie® dessert.
How many BJ's Restaurants locations are there?
BJ's Restaurants operates over 215 casual dining restaurants across 31 states in the U.S.
What is Act III Holdings' investment focus?
Act III Holdings focuses on emerging restaurant and entertainment categories, aiming to build leading market brands.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BJRI Insider Trading Activity
$BJRI insiders have traded $BJRI stock on the open market 5 times in the past 6 months. Of those trades, 3 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $BJRI stock by insiders over the last 6 months:
- BRIAN S KRAKOWER (Chief Information Officer) sold 2,313 shares.
- 1 INVESTMENTS, LLC FUND sold 15,000 shares.
- JANET SHERLOCK purchased 500 shares.
- C BRADFORD RICHMOND (Interim CEO) has traded it 2 times. They made 2 purchases, buying 2,500 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BJRI Hedge Fund Activity
We have seen 75 institutional investors add shares of $BJRI stock to their portfolio, and 91 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- T. ROWE PRICE INVESTMENT MANAGEMENT, INC. removed 2,172,653 shares (-90.9%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 424,621 shares (+513.2%) to their portfolio in Q3 2024
- WOODLINE PARTNERS LP added 381,623 shares (+inf%) to their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC added 339,354 shares (+2174.4%) to their portfolio in Q3 2024
- RK CAPITAL MANAGEMENT, LLC removed 153,600 shares (-100.0%) from their portfolio in Q3 2024
- VERITION FUND MANAGEMENT LLC added 130,676 shares (+528.9%) to their portfolio in Q3 2024
- SQUAREPOINT OPS LLC added 125,797 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HUNTINGTON BEACH, Calif., Jan. 02, 2025 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (“BJ’s” or the “Company”) (NASDAQ: BJRI) today announced that it has entered into a cooperation agreement (the “Cooperation Agreement”) with Act III Holdings, LLC and various affiliates of Ronald M. Shaich (collectively with its affiliates, “Act III”).
“We are pleased to announce this agreement with Act III and its Managing Partner and Chief Executive Officer, Ron Shaich, who are well regarded for their restaurant industry acumen and results,” said Lea Anne S. Ottinger, Chair of the Board of Directors. “We are confident they can support the Board, Brad Richmond, the Company’s Interim Chief Executive Officer, and Lyle Tick, the Company’s President and Chief Concept Officer, as we develop and execute against BJ’s vision and strategic plan.”
“We are excited to enter into this Cooperation Agreement with BJ’s Restaurants, Inc.," said Mr. Shaich, who also founded Panera Bread Company and serves as Chair of the Board of Directors of Cava Group, Inc. “We strongly support the actions that BJ’s Board of Directors has taken, including the appointment of new leadership to guide the Company through its next chapter of growth and value creation. After engaging with BJ’s Board and management, we are confident in the discipline and financial expertise that Mr. Richmond is bringing to the Company and impressed by Mr. Tick’s vision and strategy for unlocking the full potential of the BJ’s brand. We fully support their focus and ambition and are excited to reaffirm our commitment to the Company. We look forward to collaborating with BJ’s to help them exceed their goals.”
Act III has agreed to a customary standstill, voting commitment, and related provisions in connection with the Cooperation Agreement. A copy of the Cooperation Agreement is included as an exhibit to the Company’s current report on Form 8-K, which has been filed with the U.S. Securities and Exchange Commission (the “SEC”).
About BJ’s Restaurants, Inc.
BJ’s Restaurants, Inc. is a national brand with brewhouse roots where Craft Matters®. BJ’s broad menu has something for everyone: slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon, signature deep-dish pizza and the often imitated, but never replicated world-famous Pizookie® dessert. The winner of the 2024 Vibe Vista Award for Best Overall Beverage Program for Multi-Unit Chain Restaurants and the most decorated restaurant-brewery in the country, BJ’s has been a pioneer in the craft brewing world since 1996 and takes pride in serving BJ’s award-winning proprietary handcrafted beers, brewed at its brewing operations in four states and by independent third-party craft brewers. The BJ’s experience offers high-quality ingredients, bold flavors, moderate prices, sincere service, and a cool, contemporary atmosphere. Founded in 1978, BJ’s owns and operates over 215 casual dining restaurants in 31 states. All restaurants offer dine-in, take-out, delivery and large party catering. For more BJ’s information, visit
http://www.bjsrestaurants.com
.
About Act III Holdings, LLC
Act III Holdings, LLC is an evergreen investment vehicle formed by Ronald M. Shaich, founder and former Chairman and Chief Executive Officer of Panera Bread, to build tomorrow’s market-leading restaurant and entertainment companies. Act III Holdings, LLC invests in emerging restaurant and entertainment categories and helps build companies which will become the dominant brand in the niches they create and define. Portfolio investments benefit from the industry specific insights and capabilities of Act III and its partners. Existing portfolio investments include Cava Group, Tatte Bakery & Café, Life Alive Café, Level99, BJ’s Restaurant’s Inc., and PAR Technology Corporation. For more information, visit
www.act3holdings.com
.
Forward Looking Statements
Statements used in this news release relating to future plans, or events, are forward-looking statements subject to certain risks and uncertainties. Additional information concerning these and other risks and uncertainties is contained in the Company’s filings with the SEC, including the Annual Report on Form 10-K, and other periodic reports filed with the SEC. The Company has no obligation to publicly update or revise any of the forward-looking statements in this news release.
Investor Relations Contact
For further information, please contact Tom Houdek of BJ’s Restaurants, Inc. at (714) 500-2400.
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