Zagat Survey LLC Drops Auction
Published June 7th, 2008
Zagat Survey has said it would end its strategic review after five months, and instead stay its “organic growth” course.
In March, The Deal’s Luisa Beltran reported private equity firms had lost their appetite for the New York-based restaurant guide publisher. Zagat pulls in nearly $8 million to $10 million Ebitda, sources said at the time, while it was asking for 20 times Ebitda
The company said Thursday it would instead “ramp up its investment in key initiatives to accelerate the growth of its Internet and mobile products and services, while aggressively extending its licensing partnerships worldwide.”
The company, which started as a hobby by Nina and Tim Zagat nearly 30 years ago, hired Goldman Sachs & Co in January as its financial adviser to help it explore potential partnerships, joint ventures, and a possible sale of the company.
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