J. Alexander's withdraws $75 million IPO; steakhouse chain to be spun off to FNFV shareholders

J. Alexander's Holdings, a PE-backed operator of 40 full service steak restaurants, withdrew its plans for an initial public offering on Thursday.

It originally filed for a $75 million IPO in October 2014.

The company states that terms currently obtainable in the public marketplace are not sufficiently attractive for an IPO. Instead, top shareholder Fidelity National Financial (NYSE: FNF, 87% stake) intends to spin off J. Alexander's to the stockholders of Fidelity's FNFV Group (NYSE: FNFV). NewPort Global Advisors is a minority shareholder (11%).

Last week, Brazilian steakhouse Fogo de Chão (FOGO) priced above its range and traded up 29% on the day of its IPO, but is now about 18% above the offer price.

The Nashville, TN-based company was founded in 1991 and booked $199 million in sales for the 12 months ended September 30, 2014 had planned to list on the NYSE under the symbol JAXH. Stephens, KeyBanc Capital Markets and Stifel were set to be the joint bookrunners on the deal.