TGI Friday’s is going public

TGI Friday's is going public - us-canada

A TGI Fridays restaurant in new york.

Scott Mlyn | CNBC

T.G.I. Friday’s is going public .

The casual dining chain is considering merging with Allegro Merger, a special purpose acquisition company with ties to investment company Crescendo Partners, both companies announced Friday.  Special purpose acquisition companies don’t have any assets but utilize the proceeds from an IPO, along with bank financing, to purchase and take privately held consumer firms public.

When the deal closes, T.G.I. Friday’s owners will get $30 million in cash and stock. TriArtisan Capital Advisors, the restaurant company’s majority owner, expects to swap the majority of its ownership for stocks of Allegro.

The proceeds of the deal are expected to assist T.G.I. Friday’s repay debt. The casual-dining sector as a whole is struggling as fewer customers wish to sit down for family meals.  

In 2014, longtime owner Carlson Restaurants sold the series, famous for its wings, potato skins and endless appetizers, to TriArtisan and Sentinel Partners for allegedly for over $800 million. T.G.I. Friday’s has been privately held since merging with Carlson 30 years back. 

Before this year, Chuck E. Cheese’s parent company fought a deal with a special purpose acquisition company which would have taken it public . 

TGI Friday's is going public - us-canada

Leave a Reply

Your email address will not be published. Required fields are marked *

Solve : *
8 − 6 =