The transaction is scheduled close next month; no terms have been disclosed. Earlier this week, the 97-unit Shari's Restaurant chain, which produces annual revenues of $150 million, sold for about $80 million. All the Shari's restaurants are corporate owned. Only 25 of the Damon's Grill units are corporate owned, a company source tells GlobeSt.com.

Alliance Development Group is a manufacturer of stand-alone retail sites for a variety of clients, including Appleby's, Denny's, Famous Dave's, Goodyear, Quaker State & Lube, Sonoco, and Walgreen's. The company uses both build-to-suit and sale-leaseback programs to help companies grow. The company offers turnkey service through a partnership with Bovis Lend Lease.

"We think the Damon's Grill concept … can be placed in many more markets than it currently serves," says Alliance Development president Bill Burk. "Our approach will be to build additional company- owned stores and to help our existing franchisees add new sites, too."