A private equity firm plans to acquire Cincinnati-based Frisch's Restaurant, Inc. for approximately $175 million.The restaurant is being bought by an affiliate of NRD Partners I, L.P. In a statement, the restaurant's Board of Directors says it "determined that the proposed transaction is in the best interest of the company and its current stockholders."
"We are pleased to have reached an agreement that maximizes value for our shareholders and ensures the iconic Frisch's restaurants can continue to provide a full-service family dining experience to our guests," said Craig Maier, Frisch's Chief Executive Officer. "This is the culmination of over two years of strategic planning and this is the right transaction for the Company. Frisch's has been a family operated business since my grandfather opened our first drive-in in 1939. On behalf of my entire family, I'd like to thank our loyal customers for allowing us to serve them ever since."
Frisch's operates 95 restaurants in Ohio, Kentucky and Tennessee, and has another 26 operated in the region by licensees.
