Michael Fieldstone, a principal with Sun Capital, tellsGlobeSt.com that the company believes in the Boston Market brand."It's very high quality food at a good value for an individual orfamily," he says. "We're enthusiastic to improve operations andgrow the company. We need to fix what we have first, thenaccelerate unit growth." Company officials say the firm will alsoexpand frozen food potential. Fieldstone says his company agreedwith McDonald's not to disclose the price of the purchase.

As part of the sale, former Boston Market president and CEOMichael Andres will return to a position with McDonald's. RichardK. Arras, formerly president, CEO and partner of Wi-TennRestaurants LLC, has been appointed president and CEO of BostonMarket. Arras has also been president and CEO of Shoney'sRestaurants and COO of Cracker Barrel Old Country Stores.

Friendly's shareholders vote Wednesday on selling the company toSun Capital, which is promising to pay $15.50 per share with nofinancing. The transaction has been approved by the company's boardof directors. The company, with a stock symbol of FRN, was tradingat $15.49 at noon today. Sun Coast owns many businesses, includingrestaurant chains Fazoli's, Souper Salad and Garden Fresh.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.