At present, Logan’s is owned by a group of private-equity firms, including Bruckmann, Rosser, Sherrill & Co. of New York and Black Canyon Capital and Canyon Capital Advisors LLC of Los Angeles, as well as members of Logan’s management.
No terms of the transaction were announced. The deal will be consummated after meeting “regulatory approvals and customary closing conditions,” according to an announcement of the sale.
LRI Holdings, Inc., the parent company of Logan’s, had filed for an initial public offering of its stock in June. The company said at the time that it wanted to raise $200 million in that offering to pay down some debt and redeem outstanding preferred stock. No public offering was completed, however.
Logan’s, which began in Lexington, Ky., in 1991, became a wholly owned subsidiary of Cracker Barrel Old Country Store, Inc., in 1999, and was part of that company until it was sold to the present owners in December 2006.
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