J. Alexander's becomes public company

Upscale Nashville restaurant group J. Alexander’s Holdings became a publicly traded company Tuesday after completing its spinoff from Fidelity National Financial.

The restaurant group — which has its headquarters on West End Avenue and opened its first J. Alexander’s on White Bridge Road in 1991 —opened at $10.25 per share. The company is trading on the New York Stock Exchange with the ticker JAX.

“For more than 20 years, the J. Alexander’s team has provided its guests quality dining with a contemporary American menu and high levels of customer service in restaurants with an attractive ambiance,” company CEO Lonnie J. Stout II said in a statement. “Our business plan has evolved to include a collection of restaurant concepts – J. Alexander’s, Stoney River Steakhouse and Grill, and Redlands Grill. With these concepts, we are well-positioned to continue to scale and grow our overall restaurant business in an efficient manner in urban and affluent suburban areas.”

J. Alexander’s Holdings operates 31 J. Alexander’s and 10 Stoney River Steakhouse and Grill restaurants. The company is in the process of rebranding a dozen of its J. Alexander’s to Redlands Grill in a targeted effort to reach new clientele and shed the concept of a "chain" that some consumers might associate with the brand.

Why J. Alexander's doesn't like the word 'chain'

The restaurants being converted to Redlands Grill are mostly in markets that have multiple J. Alexander’s locations, or in markets that can support multiple restaurants under the same brand.

Redlands Grill has the same menu items and level of service as J. Alexander’s, but it has expanded offerings to target a wider range of consumers.

There is a sushi program, a brunch program, an expanded wine list and a craft cocktail program at the recently rebranded Redlands on West End Avenue.

“We are excited with the opportunities these restaurants bring to J. Alexander’s Holdings,” Stout said. “We want each of our restaurants to be perceived by our guests as a locally-managed, stand-alone dining experience. This differentiation permits us to successfully operate each of our concepts in the same geographic market.”

The company is preparing to open J. Alexander’s restaurants in Lexington, Ky., and Raleigh, N.C.

Stout said J. Alexander’s restaurants average $6 million to $8 million in yearly sales.

Reach Lizzy Alfs at 615-726-5948 and on Twitter @lizzyalfs.