Michael Fieldstone, a principal with Sun Capital, tells GlobeSt.com that the company believes in the Boston Market brand. "It's very high quality food at a good value for an individual or family," he says. "We're enthusiastic to improve operations and grow the company. We need to fix what we have first, then accelerate unit growth." Company officials say the firm will also expand frozen food potential. Fieldstone says his company agreed with McDonald's not to disclose the price of the purchase.
As part of the sale, former Boston Market president and CEO Michael Andres will return to a position with McDonald's. Richard K. Arras, formerly president, CEO and partner of Wi-Tenn Restaurants LLC, has been appointed president and CEO of Boston Market. Arras has also been president and CEO of Shoney's Restaurants and COO of Cracker Barrel Old Country Stores.
Friendly's shareholders vote Wednesday on selling the company to Sun Capital, which is promising to pay $15.50 per share with no financing. The transaction has been approved by the company's board of directors. The company, with a stock symbol of FRN, was trading at $15.49 at noon today. Sun Coast owns many businesses, including restaurant chains Fazoli's, Souper Salad and Garden Fresh.
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