Darden in talks to sell Smokey Bones to Sun Capital Partners

Nation's Restaurant News,  Nov 19, 2007  

Tags: Sun Microsystems Inc.

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ORLANDO, FLA. -- Darden Restaurants Inc., based here, said it had narrowed the field of bidders for its 73-unit Smokey Bones Barbeque & Grill chain to an affiliate of the private-equity firm Sun Capital Partners Inc. and expected a deal within 30 days from the Nov. 7 announcement.

Boca Raton, Fla.-based Sun Capital has been on a chain acquisitions tear, purchasing Friendly Ice Cream Corp. and Boston Market in August and Restaurants Unlimited in March. Sun also owns or holds stakes in Chevys-El Torito-Acapulco parent Real Mex Restaurants, Garden Fresh Restaurant Corp., Fazoli's Restaurants and Bruegger's Enterprises.

Anticipating a definitive pact within the 30-day period of exclusivity, the Sun affiliate has taken unspecified steps to meet certain licensing requirements to facilitate a quick closing, Darden said. The parent of about 1,400 restaurants with flagship brands Red Lobster and Olive Garden did not identify the other bidders it would turn to if a deal with Sun were not concluded.

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