URBN to Acquire The Vetri Family of Restaurants
Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle specialty retail company operating under the Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands, announced it has entered into an agreement to acquire substantially all The Vetri Family group of restaurants including award winning Pizzeria Vetri, and Lo Spiedo, located at Building 500 at The Navy Yard. (update: the agreement has been completed)
“Having known Marc for almost a decade and partnered with him through his charitable foundation, we are honored to have him, Jeff and the Vetri family join the URBN team,” said Richard A. Hayne, CEO of Urban Outfitters, Inc. “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept,” finished Mr. Hayne.
The Vetri Family group of restaurants was created and co-headed by James Beard award winning Chef Marc Vetri and his business partner Jeff Benjamin. Trained in Bergamo, Italy, by some of the region’s most noted chefs, Marc Vetri brings a bold, contemporary sensibility to classic Italian cooking. Within two years of opening his eponymous Philadelphia restaurant, Marc was named one of Food & Wine’s Ten Best New Chefs. Most recently Food and Wine Magazine named Pizzeria Vetri the best Pizza restaurant in America. Both Vetri Family and URBN are headquartered in Philadelphia at The Navy Yard.
“It’s a perfect match,” says Partner/Chef Marc Vetri. “URBN and the Vetri Family share the same singular goal, we pride ourselves on bringing the best possible experience to our customers and community. Through this partnership, and the experience URBN has in scaling growth opportunities, the Vetri Family will now be able to focus on what we do best – run restaurants that make people happy.”
Urban Outfitters, Inc. is an innovative specialty retail company which offers a variety of lifestyle merchandise to highly defined customer niches through 240 Urban Outfitters stores in the United States, Canada, and Europe, catalogs and websites; 214 Anthropologie Group stores in the United States, Canada and Europe, catalogs and websites; 112 Free People stores in the United States and Canada, catalogs and websites; and Free People wholesale, which sells its product to approximately 1,600 specialty stores and select department stores worldwide; as of October 31, 2015.
For more information, please contact:
Director of Investor Relations, URBN