Private Equity Takes Logan's

LEBANON, TN-Three private-equity firms are acquiring the 168-restaurant Logan’s Roadhouse chain from parent company CBRL Group for $486 million. The firms buying the steakhouse concept are New York City-based Bruckmann, Rosser, Sherrill & Co. (BRS) and Canyon Capital Advisors and Black Canyon Capital, both of Los Angeles.

This deal is the latest in a string of restaurant and retail chains being snapped up by private-equity firms. In July, the $340-unit Ryan’s buffet chain was taken private by Caxton-Iseman Capital in an $876-million merger with the Buffets chain. Other big names to go private are Petco and the crafts-concept Michael’s.

Locally-based CBRL, which operates the 548-unit Cracker Barrel Old Country Store chain, opened 20 Logan’s in its latest fiscal year, which ended on July 28. Same-store sales at Logan’s restaurants were flat year over year during its most recent quarter.