NEW YORK, Oct. 17, 2013 /PRNewswire/ -- The ONE Group,
LLC ("The ONE Group") announced today that it is becoming a
publicly traded company through a business combination with
Committed Capital Acquisition Corporation ("Committed Capital")
(OTCBB: CCAC). The ONE Group develops and operates upscale,
high-energy restaurants, including its primary restaurant brand
STK®, a unique steakhouse concept with locations in major
metropolitan cities throughout the United
States, as well as in London. The ONE Group also
offers a turn-key food & beverage service for hospitality
venues including boutique hotels, casinos and other high-end
locations, under the name "ONExperience".
The ONE Group Highlights
- STK brand drives compelling unit economics – 50%-plus
cash-on-cash returns
- Hospitality Food & Beverage Services Business generates
incremental high margin management and incentive fee income
- 25% annual new unit growth anticipated over the next three
years
- Targeted long-term annual EPS growth of 25% - 30%
The ONE Group's management team, led by founder and CEO
Jonathan Segal, will lead the
company. Following the completion of the Business
Combination, the company will change its name to The ONE Group,
Inc. Mr. Segal was recently named an Ernst & Young
Entrepreneur Of The Year® 2013 Award winner.
"We have grown The ONE Group by creating a high-energy dining
experience through a blend of the modern steakhouse and chic lounge
concepts that attracts a broad demographic and encourages social
interaction," said Jonathan Segal,
CEO of The ONE Group. "This business combination will allow The ONE
Group to further expand our highly sought after STK brand in large
metropolitan cities and leverage our "ONExperience" to drive
attractive fee-based, capital efficient hospitality services
opportunities. We look forward to completing the Business
Combination, allowing for continued growth of The ONE Group and
delivering value to shareholders."
Michael Rapp, Chairman and
President of Committed Capital added, "Jonathan and his talented
team have built a truly exceptional, category leading hospitality
brand from one restaurant in 2006 to a global company that will
generate an estimated $125 million in
system-wide revenue this year. We believe The ONE Group's strong
unit economics, high-growth prospects and capital-light model will
uniquely position the company in the capital markets and provide
our investors with attractive long-term returns."
Concurrent with the closing of the Business Combination,
Committed Capital completed a private placement of 3,110,075 shares
of common stock led by institutional investors including clients of
the investment advisory subsidiaries of Federated Investors, Inc.
at a purchase price of $5.00 per
share, realizing gross proceeds of $15,550,375. The proceeds of the private
placement, combined with $28,750,000
in cash and cash equivalents currently held in the trust account of
Committed Capital, will be used to make closing payments and
commitments and fund new STK restaurants and "ONExperience"
hospitality opportunities.
Details regarding these and other terms of the transaction will
be set out in the Current Report on Form 8-K to be filed by
Committed Capital, which will be available on the SEC website at
www.sec.gov.
Jefferies LLC served as exclusive financial advisor to The ONE
Group and exclusive placement agent in conjunction with the Private
Placement. Stifel, Nicolaus & Company, Incorporated served as
exclusive financial advisor to Committed Capital on the acquisition
of The ONE Group. Delavaco Group also served as financial advisor
to Committed Capital along with participation in the transaction.
The ONE Group's legal counsels were Littman Krooks LLP and
The Giannuzzi Group, LLP and Committed Capital's legal counsel was
Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C.
Overview of The ONE Group
The ONE Group develops and operates upscale, high-energy
restaurants and lounges and provides "ONExperience", a turn-key
food and beverage service for hospitality venues including boutique
hotels, casinos and other high-end locations in the United States and United Kingdom. The company was established
with the vision of becoming a global market leader in the
hospitality industry by melding high-quality service, ambiance and
cuisine into one great experience.
The ONE Group's primary restaurant brand is STK®, which is a
unique steakhouse concept with locations in major metropolitan
cities throughout the U.S. and in London. STK artfully blends two concepts, the
modern steakhouse and a chic lounge, into one offering a
high-energy, fine dining experience with the superior quality of a
traditional steakhouse. Each STK location features an open
aired, vibe-driven restaurant and bar area with a DJ or DJ mix
playing music throughout the restaurant so guests can enjoy a fun
"destination" environment that encourages social interaction. The
STK menu provides a variety of portion sizes and signature options
to appeal to a broad customer demographic. There are currently
seven STK restaurants in major metropolitan cities, including
Atlanta, Las Vegas, Los
Angeles, New York (2),
London, and Miami, which is in the process of being
re-located in South Beach. An additional STK is under development
in Washington, D.C.
The ONE Group's food and beverage hospitality services business
provides the development, management and operations for premier
restaurants and turn-key food and beverage services at high-end
boutique hotels and casinos. Through developmental and operational
expertise, The ONE Group is able to provide comprehensive tailored
food and beverage solutions to its hospitality clients. Fee-based
solutions include developing, managing and operating restaurants,
bars, rooftops, pools, banqueting, catering, private dining rooms,
room service and mini bars on a contract basis.
The ONE Group's food and beverage hospitality contracts generate
revenue for The ONE Group through base management fees, calculated
as a percentage of the operation's revenues, and additional
incentive fees based on the operation's profitability. The ONE
Group currently has four food & beverage hospitality contracts
with hotels and casinos throughout the
United States and in London, including leading global hospitality
companies such as Gansevoort Hotel Group, Hippodrome Casino, ME
Hotels, and Starwood Capital's Perry Hotel.
Additional information about The ONE Group can be found at
www.togrp.com.
About Committed Capital Acquisition Corporation
Committed Capital was formed for the purpose of acquiring or
merging with an operating business. The board of directors had the
sole discretion and authority to approve and consummate the
Business Combination.
Cautionary Statement on Forward-Looking Statements
This press release includes "forward looking statements"
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as "anticipate", "believe", "expect", "estimate", "plan",
"outlook", and "project" and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters. A number of factors could cause actual results
or outcomes to differ materially from those indicated by such
forward looking statements, including but not limited to, (1) the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with suppliers and obtain
adequate supply of products and retain its key employees;
(2) changes in applicable laws or regulations; (3) the
possibility that the ONE Group may be adversely affected by other
economic, business, and/or competitive factors; and (4) other
risks and uncertainties indicated from time to time in filings with
the SEC by Committed Capital (to be renamed The ONE Group).
Investors are referred to the most recent reports filed with
the SEC by Committed Capital. Investors are cautioned not to place
undue reliance upon any forward looking statements, which speak
only as of the date made, and The ONE Group and Committed Capital
undertake no obligation to update or revise the forward-looking
statements, whether as a result of new information, future events,
or otherwise.
SOURCE Committed Capital Acquisition Corporation