Souper Salad Acquires Grandy's Restaurants
Souper Salad is the largest soup and salad bar family restaurant in the Southwest with 87 stores - Grandy's is an operator and a franchisor of family style, quick service restaurants with 72 stores
Souper Salad, Inc. ('Souper Salad'), one of the nation's largest all-you-care-to-eat soup and salad bar family restaurants, today announced that it has acquired certain assets of Grandy's, Inc. ('Grandy's) via a 363 bankruptcy sale when Spectrum Restaurant Group, the seller, received approval for the sale from the United States Bankruptcy Court for the Central District of California at an auction conducted February 5, 2007.
The sale includes substantially all of Grandy's assets, including one Grandy's-owned store, four stores managed by Grandy's, and the marketing, management, and operations of its 67 franchised restaurants. Grandy's will become a wholly-owned subsidiary of Souper Salad. Souper Salad is an affiliated portfolio company of Sun Capital Partners, Inc. ('Sun Capital'), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies.
Headquartered in Lewisville, Texas, Grandy's is a restaurant franchisor of family style, quick service restaurants located in nine states, primarily in Texas, Oklahoma, and Indiana. Grandy's specializes in wholesome, modestly-priced, Southern home-style foods and offers full breakfast, lunch, and dinner menus featuring eggs, sausage, breakfast meats, shrimp, catfish, and Southern fried chicken.
Souper Salad operates a chain of 87 restaurants located in twelve states with primary concentrations in Texas, Colorado, and Arizona. Its restaurants feature a selection of salad items, soups, pasta salads, lettuce wraps, baked potatoes, breads, and dessert items that are made fresh daily at each location.
Hazem Ouf, President and CEO of Souper Salad Inc., stated, 'The acquisition of Grandy's sets the stage for the expansion of both concepts and will generate new efficiencies for both brands by reaching out to a larger audience. With a combined footprint of nearly 160 restaurants, the Grandy's acquisition strengthens Souper Salad's market position, enhances career and growth opportunities for employees, and provides new franchise and growth opportunities to both concepts.
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