Exhibit 99.1
Contact for MidOcean: Chris Tofalli (914)
834-4334
Cell: (914) 954-8737
Contact for Sbarro: Joseph Cohen (201) 964-2443
Cell: (973) 420-7830
For Immediate
Release
MidOcean Partners Announces Agreement To Acquire
Sbarro, Inc.
Nation’s Leading Quick Service Italian
Restaurant Company To Be Acquired
From Founding Sbarro Family In An Exclusive Transaction
NEW YORK, November 22, 2006
– MidOcean Partners, a premier private equity firm with
offices in New York and London, today announced the signing of a
definitive agreement to acquire Sbarro, Inc., the nation’s
leading quick service Italian restaurant company.
Sbarro
was founded 50 years ago by the Sbarro family and today, based in
Melville, N.Y., the company has approximately 1,000 restaurants
located in shopping centers, airports, universities, rest stops,
hotels, stadiums and hospitals throughout 34 countries.
Rob
Sharp, a Partner at MidOcean, said, “We were extremely
pleased that we had the exclusive opportunity to work with the
Sbarro family to complete this exciting transaction. Sbarro is a
tremendously strong and stable brand with unique positioning in the
market. Today, the company is poised for significant future growth.
We are very impressed with the performance of CEO Peter Beaudrault
and his management team and we look forward to working with them to
continue to build the business globally and to capitalize on its
significant growth potential.”
Mario
Sbarro said, “My brothers and I are pleased to have MidOcean
and Peter
Beaudrault and his management
team guide Sbarro to the future. We are proud of the vision that
our parents had over 50 years ago and the company which we built
over these
