BRS, Canyon and Black Canyon Complete Acquisition of Logan’s Roadhouse, Inc.
December 6, 2006
NASHVILLE, Tenn. (Dec. 6, 2006) — Logan’s Roadhouse, Inc. today announced completion of the company’s purchase by a group consisting of Bruckmann, Rosser, Sherrill & Co. Inc. (BRS), of New York, Los Angeles-based Canyon Capital Advisors LLC and Black Canyon Capital LLC, and members of Logan’s management. Those members of management now have an ownership stake in the company, which was formerly a part of CBRL Group, Inc.
“The announcement today is a milestone for our brand,” said Tom Vogel, president and CEO of Logan’s Roadhouse. “Logan’s is uniquely positioned with a tremendous opportunity to grow new restaurants and earnings.
“We have just completed our 14th consecutive quarter of positive to flat sales increases, and have grown Logan’s system-wide sales to over $514 million annually. We are very excited to partner Logan’s brand strength with the resources of BRS, Canyon and Black Canyon, and we look to further capitalize on the Logan’s growth potential.”
Logan’s (www.logansroadhouse.com) opened its first restaurant in 1991 in Lexington, Ky., and has grown to 169 restaurants, both company-owned and franchised, in 20 states, with nearly 14,000 employees. Logan’s is known as the “The Real American Roadhouse®,” a place where guests can come as they are and be themselves while enjoying entrees from a high quality, moderately priced menu that includes aged steaks hand-cut on the premises.
BRS, founded in 1995 and headquartered in New York, specializes in management buyouts and recapitalizations of high quality, middle market companies with strong market positions and/or growth potential. BRS currently manages approximately $1.2 billion of committed capital in two institutional private equity funds. The principals of BRS have worked together since the mid-1980s (originally at Citicorp Venture Capital) and have collectively invested in over 60 companies with a total value in excess of $12.6 billion. BRS currently has investments in Bravo Development, Inc., operators of 50 upscale Italian restaurants, as well as Il Fornaio and Corner Bakery.
Canyon Capital Advisors LLC is a leading alternative investment management firm located in Los Angeles, managing over $11 billion in assets for qualified institutional and high net worth investors. Established in 1990, Canyon’s funds include hedge fund, structured finance, direct investment and real estate strategies.
Black Canyon Capital LLC is a Los Angeles-based investment firm associated with Canyon Capital Advisors. Black Canyon focuses on investing in control and non-control private equity and structured debt securities. Since its inception in 2004, Black Canyon has completed more than $750 million of equity and debt investments.