Glance: Private equity buyouts of restaurant chains
By APThursday, September 2, 2010
Glance: Private equity targets restaurants
Here’s a look at recent private equity buyouts of restaurant chains. Experts said restaurants are increasingly becoming a target of such investors because of their typically strong cash flow and low debt.
BURGER KING
Date: Announced Sept. 2.
Buyer: 3G Capital
Price: $3.26 billion, or $24 per share.
Number of locations: More than 12,100 in 50 states and in 76 countries or territories.
CKE RESTAURANTS
Date: Completed July 12.
Buyer: Columbia Lake Acquisition Holdings, an affiliate of Apollo Management VII LP.
Price: $694 million, or $12.55 per share.
Number of locations: 3,150 Hardee’s and Carl’s Jr. locations in 42 states.
CAPTAIN D’S SEAFOOD KITCHEN
Date: Completed May 19.
Buyer: Affiliate of Sun Capital Partners Inc.
Price: Not disclosed.
Number of locations: About 540 in 25 states and overseas.
LOGAN’S ROADHOUSE
Date: Announced Aug. 30.
Buyer: Affiliate of Kelso & Co.
Price: Not disclosed.
Number of locations: More than 200 in 23 states.
RUBIO’S RESTAURANTS
Date: Completed Aug. 24.
Buyer: Mill Road Capital LP.
Price: $91 million, or $8.70 per share.
Number of locations: More than 180 Rubio’s Mexican Grill locations mostly in the southwest U.S.
