The transaction is scheduled close next month; no terms have been disclosed. Earlier this week, the 97-unit Shari's Restaurant chain, which produces annual revenues of $150 million, sold for about $80 million. All the Shari's restaurants are corporate owned. Only 25 of the Damon's Grill units are corporate owned, a company source tells GlobeSt.com.
Alliance Development Group is a manufacturer of stand-alone retail sites for a variety of clients, including Appleby's, Denny's, Famous Dave's, Goodyear, Quaker State & Lube, Sonoco, and Walgreen's. The company uses both build-to-suit and sale-leaseback programs to help companies grow. The company offers turnkey service through a partnership with Bovis Lend Lease.
"We think the Damon's Grill concept…can be placed in many more markets than it currently serves," says Alliance Development president Bill Burk. "Our approach will be to build additional company-owned stores and to help our existing franchisees add new sites, too."
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