PRINCETON N.J. Sovereign Investment Co. said it has completed a $69 million sale-leaseback transaction to allow Lone Star Funds to recapitalize its investment in Lone Star Steakhouse & Saloon. Sovereign bought 35 of Lone Star’s remaining 180 restaurants and will lease them back to the restaurant operator for a minimum of 15 years, the company said. Lone Star Steakhouse closed 26 restaurants and laid off 1,500 employees in February. The Wichita, Kan.-based company, which also operates ...
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Contact: Desiree Torres Desiree.Torres@penton.com