Middle-market PE firm Stone-Goff Partners is buying restaurant chain Greene Turtle Sports Bar & Grille. Financial Terms were not disclosed.
Greene Turtle, founded in 1976, operates 41 casual dining restaurants that include sports bars in New York, Washington D.C., Maryland, West Virginia and Delaware. The Hanover, Maryland-based company is going to use the investment from Stone-Goff to open additional restaurants. Greene Turtle has development agreements to open stores in Pennsylvania, New Jersey and Virginia.
There are have been some other PE deals in the restaurant sector recently. Earlier in 2015, NRD Capital Management LLC announced plans to take Frisch’s Restaurants private for $175 million and Redrock Partners LLC said it will buy Romano's Macaroni Grill from Ignite Restaurant Group Inc. (Nasdaq: IRG) for $8 million.
Raymond James Financial Inc. (NYSE: RJF) is advising the target. Stone-Goff is receiving financing from Arrowpoint Partners.
For more on restaurant M&A, see Danny Meyer, of Union Square Cafe and Shake Shack Fame, Urges Dealmakers to Focus on Hospitality.