RIO DE JANEIRO, June 21 (Reuters) - Brazilian real estate developer JHSF Participacoes SA agreed to buy the 13 restaurants operated by Sao Paulo-based Grupo Fasano and the rights to the Fasano luxury brand name, the Folha de S. Paulo daily newspaper reported on Saturday.
JHSF will pay 53 million reais ($23.8 million) for brand rights and the restaurants, which are located in Fasano luxury hotels, the paper said. Conclusion of the sale is dependent on due diligence and final shareholder approvals, the paper added.
The price is equal to 5.5 times the restaurants’ earnings before interest, taxes, depreciation and amortization, or EBITDA, Folha said, citing JHSF officials.
Neither company answered telephone calls made outside of normal business hours or immediately responded to e-mails requesting comment.
The Fasano group of hotels and restaurants is controlled by Sao Paulo businessman Rogerio Fasano whose Italian-immigrant family began running upscale restaurants in the city more than 100 years ago, according to the Fasano website.
The group runs restaurants, hotels and resorts in Sao Paulo, Rio de Janeiro, and other locations in Brazil and Uruguay, the site said.
$1 = 2.23 Brazilian reais Reporting by Jeb Blount; Editing by Sophie Hares