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Kelso & Co. to back chain’s ‘next growth phase’
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The Logan's Roadhouse Inc. restaurant chain has reached a deal to be acquired by an affiliate of Kelso & Co., a New York-based private equity firm. Terms of the deal, which is subject to regulatory approvals and closing conditions, were not disclosed.
Logan's, which operates 188 company-owned and 26 franchised roadhouse-themed restaurants in 23 states, is currently owned by affiliates of Bruckmann, Rosser, Sherrill & Co. Inc., a New York-based private equity firm; Black Canyon Capital, a Los Angeles-based private capital firm; Canyon Capital Advisors LLC, a Los Angeles-based alternative investment manager; and members of Logan's management.
“We are pleased to announce this transaction with Kelso,” said Tom Vogel the chain's ceo. “Kelso is committed to supporting Logan's as we enter our next growth phase and we look forward to working closely with them as our future financial sponsor. BRS & Black Canyon have served as valuable partners to Logan's, providing strong support for our continued growth as we've successfully navigated a very challenging economic environment.”
Kelso was founded in 1971, and initially specialized in creating employee stock ownership plans. Since entering the private equity arena in 1980, the company has made investments in more than 100 companies in 10 major industry categories, ranging from business and consumer services to transportation and logistics. In the retail and consumer goods sector, its only other restaurant investment was in IHOP in the mid 1980s.
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