Rusty Pelican Takeover Completed
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San Diego-based Paragon Restaurant Group on Friday completed its previously announced $25.6-million acquisition of Irvine-based Rusty Pelican Restaurants. The deal was put on hold last month after Paragon’s financing package fell apart in reaction to the Oct. 19 stock market crash.
Paragon, a former subsidiary of Denver-based Vicorp Restaurants, operates specialty restaurants in 11 states. The privately held company reported $161.7 million revenue in 1987. Rusty Pelican, which operates seafood restaurants in seven states, reported $60.3 million in revenue for fiscal 1987.
Paragon agreed to pay $9 per share, or $25.6 million, for Rusty Pelican’s outstanding shares. Paragon agreed to assume $20.5 million in long-term debt and lease obligations held by Rusty Pelican.
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