FMR LLC, the parent company to Fidelity Investments, is going on a diet. OK, it is a small diet. The Boston Globe reports
that FMR is selling its stake in Sebastians to LPM Holding Co. (Maynard, Massachusetts).
For those outside of Boston and not in the know, Sebastians operates a chain of five cafes that sell soups, salads, sandwiches and what the paper characterizes as "other quick-service food for breakfast and lunch."
With only 100 employees, the cafe-chain was hardly the pepper in the Fidelity Investments soup and it is unlikely to be missed. The sale, which is expected to close by the end of June, may be more meaningful in what it signals if it is part of a refocusing by Fidelity on its core mission.
The holding was one of roughly a dozen owned by Devonshire Investors, reports the paper.
Sean Hanna, Editor in Chief
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