October 30, 2014 // Franchising.com // ELK GROVE, California - MarLu Investment Group ("MarLu"), a leading multi-concept franchise group and management company, today announced it has entered into agreement to purchase 22 TGI Fridays™ restaurants primarily located throughout Texas and Colorado. Financial terms of the transaction were not disclosed.
"We are extremely excited to be announcing this partnership with Fridays," said Tony Lutfi, CEO and president, MarLu Investment Group. "This purchase recognizes our long-term confidence in the Fridays brand and the strategic direction the company is headed. Fridays fits perfectly into our already strong network of brands and we look forward to capitalizing on the many opportunities we see for growth and expansion."
Included in the agreement between MarLu and Fridays is a plan to reimage the acquired restaurants with Fridays latest contemporary design. The agreement also includes a development plan to open 10 new locations in the markets where MarLu will be operating Fridays restaurants.
"We are pleased to welcome MarLu as a new Fridays franchisee with their purchase of 22 restaurants," said TGI Fridays USA President and COO Ricky Richardson. "MarLu is an experienced multi-unit operator and we believe their values and guiding principles are closely aligned with those at Fridays. We look forward to starting a productive and successful relationship with them."
Fridays has a deep history in the Dallas and Denver markets, with the brand’s headquarters located near Dallas. This transaction does not include the company’s recently-opened Fridays location in Addison, TX, its Corpus Christi, TX restaurant or the six restaurants at Dallas/Fort Worth International Airport.
Pauline Watling, Dallas-based Senior Director of Operations, MarLu Investment Group, commented, "We have long admired the iconic Fridays brand and are pleased to call Fridays a part of the MarLu family. We could not be more excited to join Fridays in building upon their operational success."
MarLu Investment Group is privately held Multi-Concept Franchise Group that currently operates more than 200 franchise business locations in 11 states. MarLu's portfolio of franchise brands include Arby's®, Captain D's®, Church's Chicken®, Jack in the Box®, Little Caesars Pizza®, Sears® Appliance & Hardware Sizzlers® and TGI Fridays™. For more information, visit http://marlugroup.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.
SOURCE TGI Fridays