Nashville-based Logan's Roadhouse Inc. — a steakhouse chain with 214 locations in 23 states — agreed to be acquired by private equity firm Kelso & Co., in the latest deal during what's proven to be a busy summer for restaurant mergers and sales.
No terms were announced for the deal, which is expected to close by the end of the year after meeting "regulatory approvals and customary closing conditions," the company said.
It means an earlier plan by Logan's parent company, LRI Holdings, Inc., for an initial public offering of stock to raise $200 million won't take place.
"We had been running a dual-track process from the beginning," said G. Thomas Vogel, president and chief executive officer of LRI Holdings, referring to the IPO idea. "An IPO had been a viable alternative all along. However, we were presented with an attractive offer and we were pleased with the valuation the company received."
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