JACKSONVILLE, Fla.,
Feb. 25, 2013 /PRNewswire/
-- Fidelity National Financial, Inc. (NYSE:FNF), a leading
provider of title insurance, mortgage services and diversified
services, today announced the formation of J. Alexander's, LLC ("J.
Alexander's"), a newly formed restaurant company focused on the
upscale dining segment.
J. Alexander's will consist of the current thirty-two J.
Alexander's concepts and the ten existing Stoney River Legendary
Steaks ("Stoney River") concepts. Stoney River was previously
owned by American Blue Ribbon Holdings, LLC ("ABRH"), FNF's casual
and family dining focused restaurant company. ABRH
contributed Stoney River to J. Alexander's for approximately a 28%
ownership position in the new company. FNF restaurant
operations now consist of the 55% ownership position in ABRH and
87% ownership position in J. Alexander's.
Lonnie J. Stout, II, former
Chairman and Chief Executive Officer of J. Alexander's Corporation,
has been named President and Chief Executive Officer of the newly
formed J. Alexander's. Hazem
Ouf will remain Chief Executive Officer of ABRH. Both
companies will be headquartered in Nashville.
"We are extremely pleased with FNF's decision to align our
restaurant operations with a group that will focus exclusively on
the upscale industry," said J. Alexander's President and Chief
Executive Officer Lonnie J.
Stout. "FNF is committed to the operation and growth
of not only our concept but to the potential acquisition of other
restaurant companies in our upscale dining segment. We are
also excited about integrating the Stoney River operation into J.
Alexander's and assisting it with its goal of continuing to be one
of the leaders in the upscale dining segment of the restaurant
industry, while also continuing to work on improving the operations
and financial performance of our existing J. Alexander's
restaurants."
"Since its formation in 1991, the J. Alexander's concept has
placed consistent emphasis on providing guests with a high quality
dining experience and outstanding professional service," said FNF
Executive Chairman William P. Foley,
II. "We are pleased to have the experienced J.
Alexander's management team operate our existing upscale dining
focused restaurants while leading the initiative to identify other
upscale concepts for acquisition. We believe our restaurant
operations can be optimally managed through a distinct upscale
dining focused company and a separate family and casual dining
focused company, allowing each to be better positioned to take
advantage of opportunities in their different market segments.
We are confident this structure will allow us to best
maximize the value of our restaurant operations for the benefit of
our shareholders."
About FNF
Fidelity National Financial, Inc. (NYSE:FNF), is a leading
provider of title insurance, mortgage services and diversified
services. FNF is the nation's largest title insurance company
through its title insurance underwriters - Fidelity National Title,
Chicago Title, Commonwealth Land Title and Alamo Title - that
collectively issue more title insurance policies than any other
title company in the United States. FNF owns a 55% stake in
American Blue Ribbon Holdings, LLC, a family and casual dining
restaurant owner and operator of the O'Charley's, Ninety Nine
Restaurant, Max & Erma's, Village Inn, and Bakers Square
concepts. FNF also owns an 87% stake in J. Alexander's, LLC,
an upscale dining restaurant owner and operator of the J.
Alexander's and Stoney River Legendary Steaks concepts. In
addition, FNF also owns a 51% stake in Remy International, Inc., a
leading designer, manufacturer, remanufacturer, marketer and
distributor of aftermarket and original equipment electrical
components for automobiles, light trucks, heavy-duty trucks and
other vehicles. FNF also owns a minority interest in Ceridian
Corporation, a leading provider of global human capital management
and payment solutions. More information about FNF can be
found at www.fnf.com.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. Statements that are
not historical facts, including statements regarding our
expectations, hopes, intentions or strategies regarding the future
are forward-looking statements. Forward-looking statements are
based on management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future financial and
operating results and are not statements of fact, actual results
may differ materially from those projected. We undertake no
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. The
risks and uncertainties which forward-looking statements are
subject to include, but are not limited to: changes in general
economic, business and political conditions, including changes in
the financial markets; weakness or adverse changes in the level of
real estate activity, which may be caused by, among other things,
high or increasing interest rates, a limited supply of mortgage
funding or a weak U. S. economy; our potential inability to find
suitable acquisition candidates, acquisitions in lines of business
that will not necessarily be limited to our traditional areas of
focus, or difficulties in integrating acquisitions; our dependence
on distributions from our title insurance underwriters as a main
source of cash flow; significant competition that our operating
subsidiaries face; compliance with extensive government regulation
of our operating subsidiaries; and other risks detailed in the
"Statement Regarding Forward-Looking Information," "Risk Factors"
and other sections of the Company's Form 10-K and other filings
with the Securities and Exchange Commission.
SOURCE Fidelity National Financial, Inc.