Cerberus Capital Management and Partners to Acquire Garden Fresh Restaurants
Approval of Purchase Agreement Paves Way for Chapter 11 Exit
Garden Fresh Restaurant Corp. announced today that it will sell the company's assets to affiliates of Cerberus Capital Management, L.P. and its partners. Garden Fresh expects to emerge from its Chapter 11 restructuring process later this month. Specific terms of the agreement, which received court approval today, were not disclosed. Garden Fresh said it would emerge from the financial restructuring with between 90 and 104 restaurants, a stronger capital structure and significantly less debt.
"This challenging, but necessary, process has created a stronger financial foundation," said John Morberg, Garden Fresh CEO. "Through our partnership with new owners, we plan to accelerate the guest-focused efforts we've been making to refresh our brands."
Garden Fresh said the acquisition will be completed during late January and no significant changes to its day-to-day operations are anticipated.
