Private equity firms Bruckmann, Rosser, Sherrill & Co., Canyon Capital Advisors and its affiliate Black Canyon Capital have acquired Nashville, Tennessee-based casual dining chain Logan’s Roadhouse, which operates more than 150 restaurants in 20 states, for $486 million (€380 million).
Logan’s operates 143 company-owned restaurants and franchises 25 of the eateries. The establishments are modeled after an early 20th Century roadhouse complete with peanut shells on the floor and American fare such as steak and barbequed ribs on the menu.
The private equity firms will buy the chain from Lebanon, Tennessee-based holding company CBRL Group, which also owns the Cracker Barrel restaurant chain.
LRI Holdings, the vehicle formed by BRS and Canyon to acquire Logan’s, is expected to lease the properties back to the chain.
Los Angeles-based Canyon Capital Advisors manages more than $11 billion in assets. The firm is also a joint venture partner with Johnson Development Corporation, owned by former NBA star Magic Johnson, in a series of urban real estate investment funds. Black Canyon, which focuses on structured debt securities, has completed more than $750 million in transactions.
New York-based Bruckmann, Rosser, Sherrill & Co., which targets middle market buyouts, currently manages two funds with approximately $1.2 billion in equity commitments.