Logan's To Raise $350M

NASHVILLE-CBRL Group is spinning off its Logan’s Roadhouse steakhouse concept through an IPO. The move aims to raise $350 million for the locally based chain, according to documents filed with the SEC.

Logan’s was, which opened its first restaurant in 1991, was a public company in 1995 through 1999, until CBRL acquired the outfit. During that time, Logan’s grew from 42 restaurants in nine states to 134 company-owned units in 17 states, as well as an additional 25 that are operated by franchisees. Three years ago Logan’s operated 84 units.

Executives are forecasting that the company could open a total of 1,200 US units. Within potential markets, they say that an additional 400 to 600 restaurants could be added. A majority of Logan’s locations are currently in southern states.