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Cameron Mitchell considers a sale of Fish Market

COLUMBUS Ohio Thirty-unit Cameron Mitchell Restaurants has retained a financial advisor to explore such "strategic alternatives" as a sale of the company's 19-unit Fish Market group, the multi-concept operator's primary growth vehicle.

Founder and chief executive Cameron Mitchell told the Columbus Dispatch that he is also considering such strategic moves as selling a majority stake in his Mitchell's Fish Market and Columbus Fish Market brands; forming a strategic partnership with an investor; or leaving everything as is. He said he plans to consider these alternatives over the next three months, working with the financial advisor Piper Jaffray & Co.

The Fish Market concepts contributed chainwide sales of $61 million to Cameron Mitchell Restaurants' total of $105.6 million for 2006.

Selling all or a piece of the seafood group "would enhance one of our core strengths, which is developing new concepts and bringing them to market," the company said in a statement.

Cameron Mitchell Restaurants has disclosed plans to open three Fish Markets this year and four in 2008. Mitchell told the Dispatch that a private-equity investment from the right financial partners could help the Fish Market to grow at a faster rate of eight to 10 stores a year.

 

The company reportedly now has 180 private investors.

Mitchell said he also hopes to grow some of his nine other concepts, including Mitchell’s Ocean Club and Cameron’s Steakhouse. He opened his first restaurant, Cameron’s American Bistro, in 1993 in suburban Worthington, Ohio. Mitchell’s Fish Market now operates in eight states.

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