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Oceanaire Lands $20M For Expansion

MINNEAPOLIS-The upscale seafood restaurant chain hopes to add restaurants in San Diego, Atlanta, Miami and Baltimore over the next 12 months. Clarion Capital was the investor and will own a 45.4% stake in the company.

By Jim McCartney | Updated on October 14, 2004

MINNEAPOLIS-Oceanaire, the owner and operator of five seafood restaurants, has raised $20 million in a private convertible stock deal with Clarion Capital Partners, LLC, a New York-based private equity firm. The two-tranche transaction consists of $10 million funded in August and the remaining $10 million expected in August 2005.

The investment was made through a fund managed by Clarion and will result in it holding a 45.4% stake upon completion of its investment. Clarion was interested in investing in Oceanaire because it has the potential to become the “nation’s premier upscale seafood restaurant company,” says Eric D. Kogan, a partner at Clarion.

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