NEW ORLEANS - October 02, 2014 - (BUSINESS WIRE) - Southeast Restaurant Group ("SRG"), which currently operates TGI Fridays™ restaurants in Alabama and Louisiana, announced today the purchase of an additional 20 Fridays restaurants.
The purchase of these restaurants expands SRG's existing relationship with TGI Fridays by adding locations in Houston; Memphis/Jackson and Nashville, Tennessee; Gulfport/Hattiesburg, Mississippi; Huntsville, Alabama; and Little Rock, Arkansas. As part of the purchase agreement, SRG, a fully owned subsidiary of the KFK Group, has committed to reimage the Fridays restaurants into the brand's new contemporary design and to continue expanding the Fridays footprint under a development agreement. Specific financial terms of the transaction were not disclosed.
"Substantially increasing our commitment to Fridays represents the continued confidence we have in this great brand and further solidifies our already successful partnership," said Elie Khoury, President and CEO of KFK Group, parent company of SRG. "We are excited by the momentum Fridays has and about the significant and meaningful opportunities we see for future growth."
SRG's purchase underscores Fridays move to refranchise the majority of their U.S. corporate-owned restaurants, as recently announced. This initiative will give current and potential franchisees the opportunity to purchase groups of restaurants and will allow the company to focus on brand innovation, marketing and on supporting brand execution.
"Southeast Restaurant Group has proved they are a perfect partner for Fridays, with deep operating experience across a number of leading restaurant brands, including our own," said TGI Fridays USA President and COO Ricky Richardson. "We look forward to continuing to work with SRG to deliver an 'In Here, It's Always Friday®' experience to every guest in every one of their Fridays restaurants."
An affiliate of KFK Group, Southeast Restaurant Group was founded in 1999 and is a growing company owning and operating both franchise and independent restaurant concepts across the Southern U.S. SRG's current portfolio of successful restaurants includes two Fridays locations in New Orleans and one location in Mobile, Alabama. For more information, visit www.southeastrestaurantgroup.com.
A pioneering and award-winning real estate development firm with an urban focus and extensive historic rehabilitation expertise, KFK Group has been developing impactful residential and commercial projects since 1996. Headquartered in New Orleans, KFK Group possesses a strong track record of creativity and success, and a diverse portfolio of completed and ongoing projects that includes commercial, office, hotel, and multi-family holdings. For more information, visit www.kfkgroup.com.
Founded in New York City in 1965, TGI Fridays, jointly owned by Sentinel Capital Partners and TriArtisan Capital Partners, operates over 900 restaurants in more than 60 countries. As the original casual dining bar and grill, Fridays offers authentic American food and legendary drinks, served with genuine personal service. Bringing people together to socialize and celebrate the freeing and liberating spirit of "Friday" was the concept's founding premise, from which the brand promise "In Here, It's Always Friday" was born. For more information, visit www.fridays.com.