Sortis Holdings Acquires Sustainable Restaurant Group, Owner of Bamboo Sushi
Sortis Holdings, Inc., a Portland-based investment firm (OTC: SOHI), today announced that it has acquired Sustainable Restaurant Group (SRG), owner of Bamboo Sushi, out of bankruptcy. Sortis, in conjunction with its Sortis Rescue Fund announced in May, acquired SRG and will assume full operational control. A hearing held earlier this month in Delaware approved the plan that brings Bamboo Sushi, the world’s first sustainable sushi restaurant, to the firm. Bain Capital Double Impact and Kitchen Fund previously led a strategic investment in SRG in 2018 and have reinvested in the company. Financial terms of the private transaction were not disclosed.
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Sortis Holdings in conjunction with its Sortis Rescue Fund, has acquired SRG, owner of Bamboo Sushi with an aim to ultimately implement its growth strategy interrupted by the pandemic. (Photo: Business Wire)
Bamboo Sushi is designed to wow consumers with an experience that fulfills a deep commitment to environmental and social change through its food. It is wildly successful and has expanded rapidly since 2018. Sortis will operate nine locations across Portland, Seattle, the Bay Area, and Denver. It anticipates future growth.
“We are thrilled to bring our team’s experience, ideas, and energy to the Bamboo Sushi brand,” said Paul Brenneke, founder and executive chairman at Sortis Holdings. “SRG was built on a thoughtful approach to dining, food sourcing, and growth. It had poor timing for its rapid growth opening four restaurants in the months prior to the pandemic’s once in a lifetime impact, but it’s the kind of company that we believe will survive and thrive in a post-pandemic world.”
Once SRG is fully operational again, the Company intends to reopen its restaurants in accordance with all state and municipal guidelines. Sortis is fully committed to rehiring furloughed workers, resuming operations at the restaurants, and eventually implementing the growth strategy interrupted by the pandemic. In the interim, SRG continues to offer pickup and delivery at its Northwest, Northeast, and Lake Oswego Bamboo Sushi locations in the Portland area. Sortis will retain members of SRG’s existing management team, and will add members from its own hospitality team.
Sortis has its investment roots in real estate, and expanded its consumer team in 2019 with a goal of identifying culturally relevant companies in lifestyle, food and beverage, hospitality, health and wellness, and more. When the economic effects of COVID-19 tore through the economy, Sortis put that institutional knowledge to use by establishing the Rescue Fund that will lead the SRG acquisition. In Bamboo Sushi, the team saw a beloved, relatable company with a loyal following that needed to buy runway during the pandemic. It also sees the brand’s ability to impact certain types of mixed-use real estate developments as the market evolves.
The Sortis team will continue to identify companies with upside for both consumers and the future of real estate when a new, post-pandemic normal is established. It previously used its Rescue Fund to acquire Rudy’s Barbershops out of bankruptcy in May.
About Sortis Rescue Fund, LLC
Sortis Rescue Fund, LLC (the “Fund”) is a Delaware limited liability company established by Sortis Fund Manager, LLC (the “Manager”) to capitalize on the dislocation and market stress in both the real estate and business markets caused by the COVID-19 global pandemic and subsequent economic fallout. The asset class-agnostic fund focuses on distressed debt, real estate, and operating businesses primarily across the Western United States.
About Sortis Holdings, Inc.
Sortis Holdings (OTCBB: SOHI) is an investment firm with a primary focus on real estate, both as a lender and as a direct investor. From its origins as a bank holding company, Sortis has evolved into a diversified firm that both lends and opportunistically invests in real estate, with a focus on the Western U.S. Since real estate and financial markets are constantly evolving, the firm’s ability to move between asset classes and positions in the capital stack makes it nimbler than its competitors. Sortis is also a developer of real estate through its affiliate companies. Operating under the principles of client focus, integrity, hard work and creativity, Sortis Holdings provides its accredited investors with well-managed, diverse asset-based investment strategies. Learn more at sortis.com.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sortis Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Sortis Holdings’ ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Sortis Holdings’ and Sortis Income Fund’s disclosure documents and filings.
This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of an offer memorandum. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction other than the United States.