Calvin Gin entered into an agreement to acquire Cafeteria Restaurant Business of Luby's, Inc. (NYSE:LUB) for $28.7 million on June 20, 2021. The acquisition includes all 32 of the existing locations of Luby's restaurants and ownership of the Luby's Cafeteria brand. The acquisition of the Luby's cafeterias business does not include any of the real estate owned by Luby's, nor does it include any of the Fuddruckers operations or the Culinary Contract Service business.

Following the closing of the transaction, Luby's cafeterias business to be renamed Luby's Restaurants Corporation and will include 32 of the existing locations of Luby's restaurants, all in Texas, and ownership of the Luby's Cafeteria brand. If this agreement is terminated by the board of directors of Luby's then Lubys will pay to the Calvin Gin within 30 days of the termination an amount equal to $0.5 million. The transaction is subject to customary closing conditions.

A special committee of the Luby's board is created to conduct the sale of its asset operations. The transaction is expected to close with an outside date of September 30, 2021. Jones Lang LaSalle acted as broker to Luby's in this transaction.

Jonathan K. Layne of Gibson, Dunn & Crutcher LLP and George J. Vlahakos and Jon W. Daly of Sidley Austin LLP acted as legal advisor to Luby's, Inc. Michael J. Blankenship, Scott E. Landau, Douglas C. Lionberger, Olga A. Loy, Becky L. Troutman and Douglas A. Yeager of Winston & Strawn LLP acted as legal advisor to Calvin Gin and his affiliates.