Carlson has made a deal to sell the TGI Fridays restaurant chain to New York private equity firms Sentinel Capital Partners and TriArtisan Capital Partners,
the
Minneapolis/St. Paul Business Journal
reported.
Terms of the deal, which is expected to close by July, were not disclosed, the article said.
TGI Fridays operates more than 900 restaurants and generates $2.7 billion in annual sales, the article said. Carlson acquired the chain in 1975, when it had 12 restaurants, the report noted. Carlson, based in Minnetonka, Minn., began shopping the chain in November 2013, the article said.
Carlson CEO Trudy Rautio said in a statement that the deal frees up resources for Carlson to build its hotel and travel businesses, according to the journal report. (Source:
Minneapolis/St. Paul Business Journal,
May 20, 2014.)
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