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New buyer emerges for Golden Corral
The sale of Golden Corral restaurants that we wrote about 10 days ago has taken a new twist.
Frisch’s Restaurants Inc. announced this afternoon that the largest franchisee of its Golden Corral restaurants — Raleigh, N.C.-based Golden Corral Franchising Systems, Inc. — will purchase “substantially all” of its Golden Corral restaurants and real estate. On March 11, Frisch’s officials announced in a news release that the Golden Corrals would be sold to NRD Holdings LLC, an Atlanta-based operator of fast-food and pizza restaurants, but Golden Corral Franchising Systems exercised its right of first refusal and decided the buy the chain instead for the same contract terms that had been reached with NRD Holdings, Frisch’s officials said today.
“From Frisch’s perspective, it’s the same deal, but we just have a different buyer now,” said Mark R. Lanning, vice president of finance and chief financial officer for Frisch’s, who noted that Golden Corral Franchising Systems “has a lot of experience in running Golden Corrals.” Founded in 1973, Golden Corral Franchising Systems is privately held and currently has 485 franchised and company-operated restaurants in 41 states. Terms of the transaction will be disclosed upon completion, which is anticipated to occur by May 29, Frisch’s officials said.
The Frisch’s web site for its Golden Corral restaurants lists seven in west-central Ohio, the Dayton area and northern Cincinnati, including one on Kingsridge Drive near the Dayton Mall in Miami Twp., on Commons Boulevard near the Mall at Fairfield Commons in Beavercreek, and on Miller Lane in Butler Twp., as well as locations in Middletown, Springfield, Fairfield and Symmes Twp.
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