News Release

Stir Crazy Acquired by The Walnut Group

The Walnut Group led the acquisition of Stir Crazy, Inc.  The Walnut Group, a private equity firm based in Cincinnati and New York, currently has $400 million under management investing primarily in consumer, retail, media and entertainment companies such as Build-A-Bear Workshop, Cap Toys, and Deal$ Nothing-Over-A-Dollar.  Furthermore, Walnut's Chairman, Frederic H. Mayerson, has restaurant experience including involvement in the founding and development of Chi Chi's Mexican Restaurant chain and Pinons, a fine dining establishment in Aspen, Colorado.  He was also an area developer of Hooters, opening numerous locations in the states of New York and Virginia.

Stir Crazy is a 9 unit, pan-Asian restaurant chain with locations in Chicago, St. Louis, Cleveland, Detroit, Boca Raton and Nyack, NY.  Founded in 1995, the company has been a trend setter in the rapidly developing, casual dining restaurant sector with particular emphasis on pan-Asian menu themes including its signature "Create-A-Stir" stir fry market bar.  With total revenues of approximately $25 million and an average check of $15, Stir Crazy's locations are primarily in suburban, high-end malls.  The company benefited from a very loyal customer base including families seeking a more exotic yet healthy dining experience. 

The J.H. Chapman Group initiated this transaction, advised Stir Crazy and assisted in the negotiations.  J.H. Chapman Group is the food industry's leading investment banking firm, with offices in Chicago and Paris, offering a full range of financial advisory services to the food, food ingredients, and restaurant industries in the United States and internationally.