(For more retail coverage, click GlobeSt.com/RETAIL.)

BEAVERTON, OR-Locally based Shari's Management Corp., owner of the 97-unit Shari's Restaurant chain, has changed hands for just under $80 million. An investor group led by New York City-based private equity firm Circle Peak Capital acquired the Northwest's largest full-service family restaurant chain from another group of investors led by Fairmont Capital Inc. of Yorba Linda, CA, which acquired it in 1999 for just under $60 million.

Shari's CEO Larry Curtis tells GlobeSt.com Shari's executive management was part of the investor group in 1999 and is part of the new ownership as well. In this latest transaction, Curtis says he and other Shari's executives shifted some of their equity into the new ownership group and were cashed out for the remainder. The company's base of operations will remain in Beaverton, he says.

Founded about 30 years ago, Shari's operates 97 restaurants, mostly in Oregon and Washington but also in California, Idaho and Nebraska. Shari's serves more than 20 million customers annually, and approximately half of its client base dines at the chain at least once a week. It has about 4,500 employees and generates annual revenue of approximately $150 million.

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