The sale price of the restaurants was not revealed, but Brinker sold 15 units to a franchisee during its first quarter for $582,000. Over the past year franchisees have acquired 125 company-owned locations.
Pepper Dining is the name of the Olympus affiliate acquiring the Chili's locations, which are in Massachusetts, New Hampshire, Vermont, Connecticut, Rhode Island, Maine, New York, Virginia, South Carolina, North Carolina and Georgia. Pepper also plans to develop an additional 20 to 44 restaurants in those areas.
Stamford, CT-based Olympus manages about $1.7-billion worth of funds of various investors. Among its investments include K-Mac, a franchisee of KFC and Taco Bell restaurants; and Pennant Foods Corp., an operator of Wendy's units in the Southeast.
Brinker operates about 1,200 Chili's restaurants in 24 countries. It also owns the Romano's Macaroni Grill, Maggiano's Little Italy and On The Border Mexican Grill & Cantina chains. In November, Chili's same-restaurant sales fell 1.2% year over year.
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