The Edina, Minn.-based multiconcept group Parasole Restaurant Holdings on Tuesday announced a purchase agreement with the private-equity firm FS Funds.
Terms were not disclosed, but the 42-year-old restaurant group’s co-founder said the deal is designed to set the company up for the next generation.
Phil Roberts, Parasole’s co-founder, said in a statement that the alliance “offers Parasole the opportunity to continue to grow our brands and for Parasole to remain a Minnesota icon and restaurant industry leader for decades to come.”
Parasole owns and operates 14 restaurants in the Twin Cities and Rochester, Minn. — mostly full service — including Manny’s Steakhouse, Salut Bar Americain, Pittsburgh Blue Steakhouse, Chino Latino, The Good Earth, Burger Jones and the fast-casual Field Day.
Also based in Minneapolis, FS Funds has a diverse investment portfolio that includes four Original Pancake House franchised units.
Kip Clayton, Parasole’s vice president of marketing, said Roberts will stay on as CEO and the entire senior management team will remain intact after the deal closes, which is expected in three or four months.
“The intent is to keep the company whole through the transition and keep the band together,” he said.
Clayton noted that the company is owned by seven shareholders (three as majority), and the founders are in their 80s with many senior staff members in their 60s.
“So I think the feeling is a desire to keep the company together and keep it going for another generation, and a way to do that is to sell to a local buyer and maintain the current culture, which we think is pretty healthy and vibrant,” he said.
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