Smith & Wollensky Steakhouse Group Sold To Irish Firm
Smith & Wollensky, the historic American steakhouse group, has been acquired by Danu Investment Partners, an Irish firm based in Dublin.
The steakhouse, which began as a standalone restaurant at 49th Street and Third Avenue in Manhattan, has since expanded to include locations around the United States as well as one in London.
In addition to acquiring the licensing rights for the Smith & Wollensky brand around the world, Danu Investment Partners now also controls all U.S. restaurants with the exception of the original New York City location, which remains under the control of the original founder, Alan Stillman. The Manhattan flagship was featured in American Psycho and The Devil Wears Prada.
When the restaurant opened in 1977, Stillman famously named his steakhouse by choosing two names at random from the city's telephone directory.
"We've been huge admirers of this iconic brand for decades, having hosted a great number of business dinners cutting into S&W steak," Leonard Ryan, a principal investor for Danu, said in a statement. "It has incredible equity and enormous potential internationally."
In addition to expanding the number of S&W steakhouse locations, Danu Partners will also grow the Wollensky's Grill concept, a more casual sister restaurant to the steakhouse. Terms of the deal were not disclosed.