They helped with ordering and explaining menu dishes. Weighing in at a mere 55 seats, Sushi Aoi packs abundant style into its small space. Bamboo Hyannis serves a mix of authentic Chinese and Japanese cuisine all in a relaxing atmosphere. “Our goal is to emerge from this process as quickly as possible with a strengthened balance sheet and the necessary capital to rehire our furloughed employees and resume operations at our restaurants whenever it is safe to do so,” Park added. Bain Capital, the private equity firm co-founded by former presidential hopeful Mitt Romney, hasn’t historically had a good reputation nationally: Once called “the worst of capitalism” by Rolling Stone and “bad for America” by Forbes, Bain was known for buying up profitable companies and stripping them for parts, reorganizing them to make a larger profit. Yiyang Hexiang Bamboo Co., Ltd: Our bamboo chopsticks are suitable for various Asian restaurants or supermarkets. SRH, which operates Bamboo Sushi and QuickFish, announced its “plan to restructure the business and find new capital in an effort to proactively address the impact of the COVID-19 pandemic,” the restaurant group said in a press release. 969 likes. The history of 寿司(Sushi) began with paddy fields in Southeast Asia, where fish was fermented with rice vinegar, salt and rice, after which the rice was discarded. Bamboo Sushi is only open for takeout now as it eases into opening, though diners can eat their to-go food at the restaurant's outdoor patio. The company continues to offer pick-up and delivery at several of its Bamboo Sushi locations in the Portland area. But Bamboo Sushi isn’t just widespread; the company has aimed to be a leader in the environmentally friendly seafood movement and claims to be the world’s first certified sustainable sushi restaurant. At Bambu, "traditional" and "conventional" are not the words we use to describe our menu — we hope that "delicious," "unique" and "satisfying" are. When Lofgren refused to give up more shares, the lawsuit claims Bain Capital threatened to retroactively terminate him “for cause,” “falsely claiming that a 2017 accounting error on SRH’s books somehow constituted fraud on Mr. Lofgren’s part.”. The lawsuit claims Bain Capital postured as a socially conscious investment firm before instituting a “hostile takeover” of Sustainable Restaurant … : Quickfish. Sustainable Restaurant Holdings is the company behind Bamboo Sushi. However, SRH said it does not intend to close any of its 10 restaurants. We also offer a sushi bar that has a robust selection of fresh sushi options. Then-creative director Cory Schisler called Double Impact the “the hippie flower children within Bain Capital,” saying that the fund seemed genuinely interested in Bamboo Sushi and Quickfish’s mission of creating scalable, “ocean-to-table” seafood chains. Bamboo Izakaya: 1409 N.E. [CDATA[ “We recognize that Bamboo Sushi is an institution in Portland and we take that responsibility seriously. As first reported by the Portland Business Journal, Lofgren is suing Bain Capital’s Double Impact Fund and fund manager Christopher Cozzone for defamation and breach of fiduciary duty, among other things. He says he was unaware of the change because he was traveling. Back in 2018, SRH agreed to accept $15 million from Bain Capital “in exchange for a 23% ownership interest in the company,” the lawsuit reads. Out east, two sushi restaurants are also finding fresh new clientele — Kissaki in Water Mill, where a sushi robot molds rice, and Bamboo in Southampton, where there’s local fluke sushi … We encourage you to see and taste a variety of dishes and pass them around the table. Want seafood news sent directly to your inbox? 20-25,000Square feetNationalMarketPuttshack is part of a ground-breaking social entertainment brand founded by Adam Breeden, founder of Acebounce and co-founder of Flight Club and Steve and Dave Jolliffe, founders of Top […] “Subject to approval from the Court, the DIP financing, combined with the company’s available cash, will provide sufficient liquidity for SRH to continue to compensate and provide benefits to its current employees and meet its post-chapter 11 filing obligations to vendors and other business partners,” SRH said. Bain Fund Invests in Bamboo Sushi Parent April 12, 2018 Finding the Right Location in Today’s Changing Restaurant Landscape March 9, 2018 How to Identify Locations, Choose a Site, and Negotiate a Lease March 9, 2018 [CDATA[ © 2020 Diversified Communications. I grew up in a small village in Vietnam with the rich tastes and flavors from my ancestor's cooking. In July, the firm acquired Sustainable Restaurant Group, which owns Bamboo Sushi and declared bankruptcy in May. Portland, Oregon, U.S.A.-based Sustainable Restaurant Holdings (SRH), has filed for chapter 11 bankruptcy. Lofgren wants the fund to pay SRH, the holding company he used to run, at least $5 million, plus an additional $4.7 million for himself. Welcome to my restaurant! newsletter, Shoestring Budgets, Side Gigs, and a Ticking Clock: How Portland’s Unemployed Restaurant Workers Are Struggling to Survive, Extended unemployment benefits are set to expire this month, and Congress hasn’t approved another stimulus package, Where to Find Food and Drinks in the West Hills, Burgers, Bento, Pho, and more between downtown and Beaverton, Indonesian Restaurant Gado Gado was Burglarized Over the Weekend, Plus, Rimsky-Korsakoffee House hits its fundraising goal, and ORLA launches a legal fund for restaurants, suing Bain Capital’s Double Impact Fund and fund manager Christopher Cozzone for defamation and breach of fiduciary duty, Bain Capital that seeks out sustainable businesses like By Chloe, Cory Schisler called Double Impact the “the hippie flower children within Bain Capital,”, Ousted as CEO, Bamboo Sushi founder sues Bain Capital fund over alleged ‘hostile takeover’, Bamboo Sushi founder raises the stakes in legal fight against investor Bain Capital, Bain Capital Has Invested in Bamboo Sushi — Here’s What That Really Means, A New Pop-Up Is Serving Yogurt-Marinated Fried Chicken on Falafel Waffles, Star Oregon Brewer Sean Burke Opens New McMinnville Brewery, 39 Percent of Oregon Restaurants May Close in Six Months Without Federal Stimulus, Study Finds, A List of Portland’s COVID-19-Related Permanent Restaurant Closures. “In this environment, we simply are not able to generate sufficient revenue to meet our day-to-day and long-term obligations. “We served about 500,000 meals in Portland last year and are working tirelessly to serve Green Machines and other signature dishes as we move through this unexpected crisis. We wanted to do something different in the area, but still bring the same high quality ingredients without the high prices. Take your bamboo mat and cover it tightly with some plastic wrap to stop the rice from sticking to the grooves of the mat. var switchTo5x=true; The lawsuit says that, by April 2019, Lofgren felt obligated to agree to give a portion of his ownership shares to Bain to secure the capital to expand. According to the lawsuit, fund manager Cozzone then insisted that the company open “five to six new locations within a short period of time.”, Then, coronavirus started to spread across the country, shutting down restaurants in cities around the world. “Mr. SRH reported about USD 18 million (EUR 16.6 million) in revenue in 2019 and listed between USD 1 million and USD 10 million (EUR 924,500 and EUR 9.2 million) worth of liabilities in its bankruptcy filing. He says the banker, unbeknownst to him, took $650,000 out of his personal account and the final $250,000 out of the company’s business line of credit. Kendo (剣道, Kendō, lit. Bain Capital Double Impact Fund owns roughly 35 percent of SRH, with former CEO and founder Kristofor Lofgren owns around 42 percent, according the bankruptcy petition filed in Delaware. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500. Bamboo Sushi founder seeks to change the way people think about seafood. The restaurant is … This didn’t seem to concern the folks at Bamboo Sushi when they started to look for funding. Bamboo on 2nd serves a Pan-Asian menu boasting noodle bowls, bamboo skewers, sashimi (raw fish), nigiri (raw fish on rice) and small plates like ceviche tacos, poke bowls, tuna tataki and more.Choose from 21 creative sushi rolls ranging from $8 to $16, and wash it all down with sake or locally crafted beer. Our restaurants showcase a full cocktail program as well as a exciting saké selection. As a young woman, I was fortunate enough to travel to Hong Kong and experience the taste of Chinese food far beyond my own imagination. “We try to be a really great restaurant, using simple, fresh ingredients and items off the grill,” said Rand, who owns the restaurant with his father and wife, Danielle. For the avocado sushi, take a nori sheet and put in the rice on the sheet until you fill it midway. Bamboo Sushi is currently stuck in the middle of a legal battle between its former CEO, Kristofor Lofgren, and private investment firm Bain Capital. A great meal of sushi rolls and chicken teriyaki. Bambu is all about sharing. “SRH intends to continue to operate its restaurants on the limited basis required by the COVID-19 pandemic. Each Bamboo Sushi location serves a menu of signature sushi rolls, traditional nigiri, and Japanese-inspired plates to share. Hello, My name is Yin Thong, owner of Bambu. “We are facing the same challenges as many other consumer-focused businesses, especially those in the restaurant industry,” SRH President and Interim CEO Matthew Park said. Bamboo Sushi has received broad acclaim throughout the restaurant industry for its focus on sustainability and deep commitment to environmental and social change through its food. Can be customized according to your needs, we also have bamboo stick bamboo steamer etc, welcome to contact us. The suit also claims Cozzone undervalued the company for the share purchasing, claiming it was worth only $15 million as opposed to $40 million. After working in Destin for many years, Bamboo was founded in October 2007 by Joe Rice and Danny Ledford. According to the suit, SRH mistakenly recorded that the full $900,000 came out of Lofgren’s account, and he was thus paid back the full $900,000. Bamboo Sushi. The company remains committed to its goal of rehiring furloughed workers and resuming operations at its restaurants as soon as the health risks related to COVID-19 subside and government restrictions are lifted,” it said. 'sword way', 'sword path' or 'way of the sword') is a modern Japanese martial art, descended from swordsmanship (), that uses bamboo swords as well as protective armor ().Today, it is widely practiced within Japan and has spread to many other nations across the world. The Bamboo Grill serves up the best of Asian food in a very calm and peaceful atmosphere. Anticipating an Oregon shutdown, Lofgren says he started to secure funding and renegotiate leases, helping the company brace for the economic fallout. The restaurant is discussing when the dining room will open, said Judiaann Woo, director of communications and brand strategy for Sustainable Restaurant Group, which owns Bamboo Sushi. As a result, during the last several weeks, we diligently explored all available options to address our financial situation and preserve the long-term viability of SRH.”. Alberta St., Portland, 503-889-0336 The world’s first sustainable sushi restaurant. Portland's restaurant scene took another hit this week as Sustainable Restaurant Holdings, the holding company for restaurants Bamboo Sushi and Quickfish, filed for Chapter 11 bankruptcy protection. From a terrace at the Japanese Garden framed by bonsai and maples, on the evening of August 23, the Portland elite gazed down on the city they run. Bain has thus far invested USD 15 million (EUR 13.9 million) into SRH and has been trying to sell the business since March, according to Bloomberg. COVID-19 has required the company to limit restaurant operations and has “significantly affected its ability to generate revenue,” Sustainable Restaurant Holdings said. Instead, the suit claims Cozzone rejected Lofgren’s plans, allegedly accelerating Lofgren’s planned departure as CEO and “(moving) to the Bain Capital playbook.”, The lawsuit claims that Bain, through an emergency board meeting, terminated him and demanded another chunk of shares — giving Bain majority ownership. Environmentalist and UC Berkeley grad Kristofor Lofgren moved to Portland, Oregon, in 2006 to go to law school. In the Muromachi period, people began to eat the rice as well as the fish. On its website, customers can find an interactive graph of the company’s carbon footprint, breaking down the individual carbon footprints of each fish the company serves. A casual experience bringing sustainable seafood to everyone. The company was pursued by Double Impact, the socially conscious corner of Bain Capital that seeks out sustainable businesses like By Chloe. Bamboo: buffet was good - See 118 traveler reviews, 51 candid photos, and great deals for Hyannis, MA, at Tripadvisor. Every night, our chefs also craft location-specific specials featuring local, rare and hyper-seasonal ingredients. However, according to the complaint, it was only a few months before Bain Capital considered withholding $7.4 million of contractually promised funding unless the company quickly increased its profitability. The Bamboo House is a hidden gem on Harrison ave near 74@Rybolt Rd exit. Sustainable Restaurant Holdings, Inc. d/b/a Bamboo Sushi (“Bamboo Sushi” or the “Company”), based in Portland, Oregon with locations primarily in the Northwest, Bamboo Sushi owns and operates the world’s first certified sustainable sushi restaurants. Bain Capital Double Impact Fund owns about 35% of the company’s shares, while founder Kristofor Lofgren owns about 42%, according the bankruptcy petition filed in Delaware. stLight.options({publisher: "d264abd5-77a9-4dfd-bee5-44f5369b1275", doNotHash: false, doNotCopy: false, hashAddressBar: false}); We look forward to emerging from this process as a stronger company and continuing our business relationships for many years to come.”. Lofgren’s amended complaint is yet another attempt to manipulate and pressure Sustainable Restaurant Holdings (SRH) into paying him money he is not owed,” a statement from Sustainable Restaurant Holdings reads. Lofgren also claims Bain went back on its word by withholding funds unless the firm received additional shares in the company, pulling directly from the owners’ interests. We had a great time. “The fact remains that following a routine audit, the SRH Board determined that actions by Mr. Lofgren constituted cause for his termination as Chief Executive Officer.” Bain Capital and Sustainable Restaurant Holdings chose not to respond to specific claims made within the lawsuit. You have inspired us to continue fighting for this brand,” he said. The dish is today known as narezushi, and was introduced to Japan around the Yayoi period. SRH has also received a commitment for up to USD 1.9 million (EUR 1.8 million) in debtor-in-possession financing led by the Bain Capital Double Impact fund. Then add in the avocado and roll the nori. All rights reserved. Part of the Sustainable Restaurant Group, which also owns sustainable seafood-focused Bamboo Sushi, the new izakaya is the first of two in the works so far. The lawsuit claims that Bain had previously decided the accounting error was simply a mistake, as opposed to conscious fraud: While Lofgren was traveling in 2017, SRH needed about $900,000 in short-term cash, so Lofgren says he asked a banker to take $900,000 out of his account and send it to SRH. One of Portland’s more prolific chains, Bamboo Sushi and its poke-centic, fast-casual sibling, Quickfish, operate locations in Seattle, California, Phoenix, and Denver, as well as Oregon. In a lawsuit against Bain Capital’s Double Impact Fund, former CEO Kristofor Lofgren says the company instituted a “hostile takeover” of his company. Based in Portland, Oregon with locations primarily in the Northwest, Bamboo Sushi owns and operates the world’s first certified sustainable sushi restaurants. The second location is opening Downtown early next year, on the corner of Southwest 12th Avenue and Stark Street. Today, he owns Bamboo Sushi, a cozy, stylish eatery that's been rated as the most sustainable seafood restaurant in the U.S. A Double Order of Sushi. You don’t have to be Jiro Ono, the sushi master in the 2011 documentary “Jiro Dreams of Sushi,” to turn out a maki roll with your own two hands. Lofgren planned to use the money to expand Bamboo Sushi and Quickfish, hoping to open locations in San Francisco and Seattle. Then, we can get the sushi rolling. // ]]>// . Park thanked the restaurant company’s suppliers and customers for their outreach and support. “Bain further claimed that, unlike most private equity funds, its Double Impact Fund invested in long term growth rather than seeking a quick expansion and payoff,” the complaint reads. Sortis also helped bring Rudy's Barbershop out of bankruptcy this year. To share daily including wild pacific salmon and wild blue fin tuna,... 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