This deal is the latest in a string of restaurant and retail chains being snapped up by private-equity firms. In July, the $340-unit Ryan's buffet chain was taken private by Caxton-Iseman Capital in an $876-million merger with the Buffets chain. Other big names to go private are Petco and the crafts-concept Michael's.
Locally-based CBRL, which operates the 548-unit Cracker Barrel Old Country Store chain, opened 20 Logan's in its latest fiscal year, which ended on July 28. Same-store sales at Logan's restaurants were flat year over year during its most recent quarter.
Of Logan's 168 units, 143 are company owned and the rest are operated by franchisees. Its units are mainly in the Midwest and South. The chain was founded in 1991 and purchased by CBRL in 1999.
BRS manages about $1.2 billion in capital in two funds and has invested in such companies as Au Bon Pain, California Pizza Kitchen and Il Fornaio. Since 2004, Black Canyon has invested about $750 million in various industries. Canyon Capital has about $11 billion committed in funds for various investors.
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