The sale will take the storied casual-dining restaurant chain private
On Monday, Ruby Tuesday Inc. and NRD Capital announced that the Atlanta-based private equity company will purchase the entire Ruby Tuesday restaurant franchise. The sale is expected to be completed during the first calendar quarter of 2018.
The deal is valued at $335 million, with NRD paying $2.40 per share, 21 percent above Friday’s closing share price. The sale is NRD Capital’s largest acquisition to date. The fledgling private equity group was established only three years ago by former Popeyes, Domino’s, and Checkers franchisee Aziz Hashim and has previously purchased a number of smaller-name foodservice brands including Fuzzy’s Taco Shop and Frisch’s Big Boy.
From the press release:
“The Board of Directors and our advisors have thoroughly evaluated all options available to the Company and are confident that this agreement will provide the most promising opportunity to realize the highest value for our stockholders while providing the best path forward for the Ruby Tuesday brand, its employees, franchisees, and loyal customers,” said Stephen Sadove, Non-executive Chairman of Ruby Tuesday. “NRD Capital has a distinguished track record of achieving and maintaining profitable growth for restaurant concepts and will be an excellent partner to lead Ruby Tuesday going forward.”
Read the full press release.