Safe, sustainable seafood is something to savor, and Sortis Holdings, a Portland-based investment firm, agrees. Earlier this week, the firm announced it is purchasing Sustainable Restaurant Group, owner of the Bamboo Sushi and Quick Fish brands, for an undisclosed amount.
SRG, which filed for bankruptcy on May 12, operates 10 restaurants in Oregon, Washington, Arizona, California and Colorado. The company did $18 million in sales in 2019, up 35% from the previous year. But then the pandemic hit.
The company went from 480 active employees to just 38, with the rest either furloughed or laid off.
In its bankruptcy filing, the SRG listed the rather large range of assets between $10 million and $50 million and debts between $1 million and $10 million, according to Nation's Restaurant News, a trade publication.
Sortis is using funds from its Sortis Rescue Fund, which makes investments to capitalize on "the dislocation and market stress in both the real estate and business markets caused by the COVID-19 pandemic", the company says in a statement.
Bain Capital Double Impact and Kitchen Fund, two funds that previously led a strategic investment in SRG in 2018, have also reinvested in the firm.
"We are thrilled to bring our team's experience, ideas, and energy to the Bamboo Sushi brand," Paul Brenneke, founder and executive chairman at Sortis Holdings, said in a statement. "SRG was built on a thoughtful approach to dining, food sourcing, and growth. It had poor timing for its rapid growth opening four restaurants in the months prior to the pandemic's once in a lifetime impact, but it's the kind of company that we believe will survive and thrive in a post-pandemic world."
Sortis said it intends to retain some members of the SRG management team, while also adding members from its own hospitality team.
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Patrick Smith
Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd
