Buyout Firms Launch Joint Bid For TGI FridaysMarch 3, 2014
Four months after putting its TGI Fridays restaurant chain on the block, hospitality group Carlson may have found a buyer. Buyout firms TriArtisan Capital Partners and Sentinel Capital Partners have launched a joint bid for Fridays and are currently negotiating final terms with Carlson, according to Reuters. The restaurant chain has previously been valued at $800-$900 million.
Carlson, which acquired Fridays in 1975, said in November 2013 that it had asked investment bank Piper Jaffray to explore strategic alternatives for the chain, including a possible sale. TGI Fridays operates more than 900 restaurants, including more than 550 in the U.S. (about half of which are operated by the company, with the other half franchise-operated). It does nearly $3 billion in yearly revenue. Other restaurant chains currently up for sale include Ruby Tuesday and Dave & Busters.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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