Tilman Fertitta, president and chairman of Landry’s Restaurants Inc., has again upped his stake in McCormick & Schmick’s Seafood Restaurants Inc.
In documents filed Monday with the Securities and Exchange Commission this week, Fertitta reported acquiring another 20,000 shares of McCormick & Schmick’s stock, which brings his total to nearly 1.5 million shares and more than 10 percent of the 96-unit company’s 14.9 million outstanding shares.
Fertitta, who became a major McCormick & Schmick’s shareholder last March, purchased several bundles of shares in October, bringing his McCormick & Schmick's holdings to 9.9 percent. He is the company’s largest individual shareholder.
A Landry’s representative said Tuesday: “It’s a personal investment, and we cannot comment.”
Securities analysts have had McCormick & Schmick’s on a short list of restaurant companies considered going-private targets.
Fertitta, who took Houston-based Landry’s private last year, has been on a buying spree. Last year, the company he founded bought the 12-unit Oceanaire Seafood Room and 45-unit Claim Jumper concepts in bankruptcy court deals and purchased the 32-unit Bubba Gump Shrimp Co.
Portland, Ore.-based McCormick & Schmick’s operates 89 upscale seafood restaurants in the United States and another seven under The Boathouse brand in Canada.
In its latest quarter ended Sept. 25, the company reported flat profit of $1 million, or 7 cents per share, on a 1.3-percent decline in revenue to $84.9 million. Systemwide same-store sales dropped 4.6 percent.
Landry’s owns multiple hospitality businesses, including several seafood restaurant concepts. Its brands include Rainforest Café, Saltgrass Steak House, Landry’s Seafood House, Charley’s Crab and The Chart House chains, as well as Vic & Anthony’s, Brenner’s Steakhouse, Grotto, LaGriglia, Pesce and Willie G’s. It also owns the Golden Nugget Hotel & Casinos in Nevada and other hotel and resort properties.
Contact Ron Ruggless at [email protected].