Private equity firm NRD Capital Management LLC has agreed to acquire Frisch’s Restaurants (NYSE: FRS), operator of the Big Boy food chain located across Ohio, Kentucky and Indiana.

The price tag for the transaction was $175 million, or about $34 per share. The deal is expected to wrap up before the end of September.

Following completion of the transaction, Frisch's chief executive Craig Maier and vice president of marketing Karen Maier, are set to retire.  The siblings will remain as franchisees of Frisch's.

The sale comes after several years of tension within the Frisch's ranks.  Earlier this year, the company filed a civil lawsuit against a former assistant treasurer for allegedly embezzling roughly $3.3 million over a multi-year period. The lawsuit has not been settled. Before that, in 2010, Craig Maier filed a lawsuit against his other sister, Paula Maier, for control of company stock she had inherited through trusts established by the company's founder.

The suit was reportedly an attempt to recover money paid out by the estate of former CEO Jack Maier to guarantee a $3 million business loan to Paula Maier and her then-husband Brian Gillan.

The purchase also marks yet another restaurant play by NRD Capital, which facilitated the deal through fund NRD Partners I LP. The Atlanta-based firm has invested in a number of food franchises, including Atlanta-based Moe's Southwest Grill, Ann Arbor, Michigan-based Domino's Pizza Inc. and Trevose, Pennsylvania-based Rita's Water Ice.

Raymond James & Associates Inc. advised Cincinnati-based Frisch’s throughout the sale process.   

Other recent restaurant deals have come from Food Management Partners, which bought Catalina Restaurant Group, which owns Coco's Baker Restaurant and Carrows Restaurants, in March, and Redrock Partners LLC, which bought Romano's Macaroni Grill, also in March. 

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