Private-equity firms Bruckmann, Rosser, Sherrill & Co., and Black Canyon Capital on Wednesday completed the sale of Logan’s Roadhouse Inc. to an affiliate of New York-based private-equity firm Kelso & Co.
Terms of the deal were not released. But Harold Rosser, BRS founder and managing director, said the 214-unit Logan’s Roadhouse performed well — even during the recession — since 2006, when the firms purchased the chain from then-parent CBRL Group Inc. for about $486 million.
Rosser said earnings before interest, taxes, depreciation and amortization increased from $43 million at the time of their investment in the Nashville, Tenn.-based casual dining chain to $76 million at the time of the sale, which was announced in August.
“This was both an operational and an investment success story benefiting all stakeholders, including Logan’s customers,” Rosser said. “The Logan’s team has outperformed expectations since day one of our investment, and we wish them and Kelso continued success.”
BRS has a long history of restaurant investment with 16 transactions in the sector to date, including investments in Bravo Brio Restaurant Group, Il Fornaio/Corner Bakery Café, Real Mex Restaurants, McCormick & Schmick’s Seafood Restaurants, California Pizza Kitchen and Au Bon Pain. Earlier this year, the firm acquired a stake in Ruth’s Hospitality Group.
Los Angeles-based Black Canyon, an affiliate of Canyon Capital Advisors LLC, also invested in 2006 in Logan’s through its $500 million Black Canyon Direct Investment Fund.
Contact Lisa Jennings at [email protected].
