Tony Bandiera, owner of 10-store Dallas retail chain Sigel’s, has elected not to accept the recent takeover offer from fellow Texas retailer Spec’s Wines, Spirits & Finer Foods. A deal had been expected, but Sigel’s president John Rector told Shanken News Daily this morning, “After lengthy consideration, Tony decided he didn’t want to do the deal and it’s off the table for the time being.”
“I’ve been through this a couple times before with him,” says John Rydman, president and co-owner of Spec’s. “We’ve been talking since June of last year on this project, and a few years ago we were also pretty close to a deal. I thought we had a contract this time. But it’s tough with a family-owned business to make the decision to sell.”
Asked when he might try again to secure the deal that would provide a readymade platform in the Dallas area, including 10 stores with combined revenues of around $120 million and a central warehouse, Rydman said, “I’m willing if he’s willing.”
Houston-based Spec’s, which now has over 95 locations, opened its first store in the Dallas area last month, and its rapid expansion across the Lone Star State continues. “We’re getting ready to open up a store in Lubbock. Last week we opened one in Angleton (south of Houston),” Rydman said.