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Restaurant Acquisition Partners buys Oregano's

ORLANDO Fla. Restaurant Acquisition Partners Inc. is buying the eight-unit Oregano's Pizza Bistro in a merger valued at $25.5 million, officials from both companies said Thursday.

The firm said it would acquire Oregano's, a full-service Italian concept, for around $17.75 million in cash and $7.75 million in common stock of Restaurant Acquisition Partners. The real estate of five restaurants and one in development is included in the deal.

Restaurant Acquisition Partners is a blank-check company that was formed here in 2005 by a group of industry veterans. It's led by president and chief executive Christopher Thomas, a former leader of Sizzler USA. Thomas and his associates said they formed the company with the intention of acquiring a small, but established restaurant concept.

"Oregano's clearly meets the acquisition criteria established when we founded Restaurant Acquisition Partners Inc.," Thomas said. "It is an emerging restaurant brand with a strong market positioning, customer appeal and marketability, a proven success with escalating year over same store sales, strong restaurant level economics and a clear ability to grow in both company and franchise restaurants."

Restaurant Acquisition Partners said it would change its name to Oregano's Pizza Bistro Inc. upon completion of the deal, which is expected to close in the fourth quarter. The transaction is subject to certain conditions, including approval from a majority of Restaurant Acquisition Partners shareholders, excluding the founders. Oregano's is privately held.

Oregano's management will remain in place, officials said. The restaurant company is based in Arizona, where it owns and operates all of its restaurants.

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