On The Block

Northrop Grumman Corp. (NYSE: NOC) plans to consolidate its Gulf Coast shipbuilding operations. It also plans to explore strategic alternatives for its entire shipbuilding business. The review will look into separating the shipbuilding segment from the Los Angeles-based company’s other operations. One option is a spin-off to shareholders. Perella Weinberg Partners is advising Northrop Grumman, which generated total sales of $8.6 billion for the first quarter. The shipbuilding segment accounted for $1.7 billion during the period, a 25 percent improvement from a year earlier.

Point Blank Solutions Inc. is considering strategic alternatives, including the sale of the body armor maker, and the Pompana Beach, Fla.-based company has hired CRG Partners Group LLC as financial adviser. In April, Point Blank and its subsidiaries filed for Chapter 11 bankruptcy protection. (It also signed an up-to-$20 million debtor-in-possession financing agreement.) At that time, Point Blank said the filing “was driven primarily by continued expenses associated with legacy issues from former management and the lack of financing available to the company.” Founder and ex-CEO David H. Brooks is facing federal fraud and conspiracy charges.

CB Holding Corp. has asked investment bank Raymond James Financial Inc. to help with the Mountainside N.J.-based company’s evaluation of strategic alternatives. The restaurant owner and operator wants to consider options for its Bugaboo Creek Steak House business, which was acquired in 2007 and consists of 30 locations along the eastern seaboard. CB Holding is backed by Trimaran Capital Partners LLC. Besides the business on the block, it also operates 49 Charlie Brown’s Steakhouse and seven The Office Beer Bar & Grill restaurants.

Benihana Inc.’s board plans to mull over various strategic alternatives, and one option is the sale of the Miami-based company, operator of 63 Benihana Teppanyaki restaurants, 25 RA Sushi Bar restaurants and nine Haru sushi restaurants. It also franchises other locations. For the fiscal year ended March 28, losses widened to $8.9 million from $5.1 million a year earlier on higher operating costs. Comparable restaurant sales fell 5.8 percent over the same period. However, total revenue rose to $313.5 million from $305.6 million.