Investment firm buys stake in McCormick & Schmick


Chicago investment firm Discovery Group has bought 6.3 percent of McCormick & Schmick’s Seafood Inc., a day after Tilman Fertitta announced he’d dropped his tender offer and had entered into a confidentiality agreement with the Portland-based restaurant chain. 

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Chicago investment firm Discovery Group has bought 6.3 percent of McCormick & Schmick’s Seafood Inc., a day after Tilman Fertitta announced he’d dropped his tender offer and had entered into a confidentiality agreement with the Portland-based restaurant chain.

 

Discovery Group and its subsidiary Discover Equity Partners acquired 931,091 shares, paying between $8.52 and $9 a share in transactions filed with the Securities and Exchange Commission on June 30 and July 18. The move puts Discovery amid McCormick & Schmick’s larger institutional owners, which is led by Fred Alger Management, Inc. of New York with 15.1 percent.

Fertitta, who has been angling to buy the company since early April, is the largest individual owner with 10.1 percent.

Read more in today’s Oregonian.