From ColumbusCEO.com: “Raine Takes Stake in Jimmy Buffett’s Margaritaville”
In its four years of existence, the Raine Group has kept plenty busy with media and telecommunications deals. But its latest investment will tie the firm to a company best known for promoting lazy, boozy afternoons on the beach.
The firm disclosed in a letter to investors on Sunday night that it had taken a minority stake in Margaritaville, the restaurant operator and brand licensing company named after the hit song by Jimmy Buffett.
According to the letter, Buffett’s company generates more than $1 billion in annual gross sales.
Now it has bought a stake in Margaritaville, which runs restaurants in nearly two dozen resorts where one would reasonably find tourists kicking back with tequila, and which licenses out the name its majority owner made famous.
The company has had a few setbacks, including the recent announcement that it will close its casino and hotel in Biloxi, Mississippi. But Raine told investors that it believes its latest acquisition has “an incredibly strong built-in audience” and has room to grow.