Frisch's Restaurants Inc. announced that it has entered into an asset purchase agreement with NRD Holdings LLC (NRD) for the sale of substantially all of its Golden Corral operations and real estate consisting of restaurants in Ohio, Indiana, Kentucky, West Virginia and Pennsylvania.
Terms of the transaction were not disclosed.
The transaction is expected to close by the end of the company's fiscal year ending May 29, subject to customary financing, due diligence and closing contingencies.
"We are pleased with the conclusion of our review of strategic alternatives for our Golden Corral business segment and believe this outcome will enhance shareholder value," said Craig F. Maier, president and CEO.
Founded in 1996 and based in Atlanta, NRD Holdings LLC, operates restaurant locations in Georgia, Florida, Arizona, and California. Restaurants in its portfolio includes Popeyes, Checkers/Rally's and Domino's.
Aziz Hashim, NRD president and CEO, serves on several boards including the International Franchise Association and Popeye's Foundation.
Frisch's is a regional company that operates full service family-style restaurants under the name Frisch's Big Boy in Ohio, Kentucky and Indiana.
Golden Corral is a grill buffet-style restaurant operating primarily in the greater metropolitan areas of Cincinnati, Cleveland, Columbus, Dayton and Toledo, Ohio; Louisville, Ky.; and Pittsburgh.
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