Nathan's famous sells miami subs for $3.3m

Nation's Restaurant News,  June 18, 2007  

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WESTBURY, N.Y. -- Hot dog heavyweight Nathan's Famous Inc. has sold its Miami Subs Corp. subsidiary to an investment company led by Bruce Galloway and Gary Herman for $3.3 million.

Miami Subs is franchisor of 59 quick-service restaurants, all of which are co-branded with at least one of the Nathan's-owned Arthur Treacher's, Kenny Rogers Roasters or namesake brands. The sandwich chain, which was purchased by Nathan's Famous in October 1999, has its regional offices in Fort Lauderdale, Fla.

The new owner, Miami Subs Capital Partner I Inc., tendered $850,000 in cash and a secured promissory note for $2.4 million, payable over four years.

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