Logan’s wants to raise $200 million to pay down debt and redeem outstanding preferred stock, according to documents filed with the U.S. Securities and Exchange Commission.
The filing comes nearly four years after three private equity firms and company executives bought the company from Nashville-based Cracker Barrel Old Country Store for $485 million. The three investors, New York-based Bruckmann Rosser Sherrill, Los Angeles-based Black Canyon and Canyon Capitol, will continue to own a controlling interest, the SEC filing said.
Neither the price per share nor the number of shares to be offered was identified in the initial filing. The chain got its start in 1991 with a flagship restaurant in Lexington, Ky.
A total of 180 company-operated and 26 franchise restaurants now operate in 23 states. Two-thirds of its locations are in the Southeast, including 22 in Tennessee. Eleven are in the Nashville area.
The company’s total revenue was $416 million for the 39 weeks ended May 2, an increase of $12.3 million, or 3 percent compared to same period a year earlier.
Company shares are to trade on Nasdaq under the symbol LGNS. The lead underwriter for the public offering will be Credit Suisse Securities LLC.
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