Morton’s Restaurant Group is considering a potential sale of the company.
The Chicago-based business announced that, with the support of affiliates of Castle Harlan, Inc. and Laurel Crown Partners, LLC, its two largest current shareholders, the company’s board of directors has authorized the exploration of strategic alternatives to enhance shareholder value.
The board of directors has retained Jefferies & Company, Inc. as its financial advisor to assist in this process. The Company has not set a definitive timetable for completing its exploration of strategic alternatives and there can be no assurance that the process will result in any transaction.
The company does not intend to disclose further developments during this process, unless and until its board of directors approves a specific transaction or otherwise concludes the review of strategic alternatives.
According to Morton’s, it is the world’s largest operator of company-owned upscale steakhouses. As of March 16, 2011, the company owns and operates 77 Morton’s steakhouses located in 64 cities across 26 states, Puerto Rico and six international locations (Hong Kong, Macau, Shanghai, Mexico City, Singapore and Toronto), as well as Trevi, its Italian restaurant in Las Vegas.