NEW YORK — MidOcean Partners, a private equity firm, announced it signed a definitive agreement to acquire Sbarro Inc., the nation's leading quick-service Italian restaurant company.
According to a news release, the 50-year-old, Melville, N.Y.-based chain has approximately 1,000 restaurants located in shopping centers, airports, universities, rest stops, hotels, stadiums and hospitals throughout 34 countries.
The purchase price was not disclosed.
"My brothers and I are pleased to have MidOcean and Peter Beaudrault and his management team guide Sbarro to the future," said Mario Sbarro, spokesman for the Sbarro family. "We are proud of the vision that our parents had over 50 years ago and the company which we built over these years. We are confident that the team of MidOcean and management will care for the brand which bears our family name."
MidOcean said Sbarro's entire management team will remain with the company through the transition.