Private equity fund buying Cincinnati-based Frisch’s
CINCINNATI (AP) — Frisch’s Big Boy restaurants are being sold to a private equity fund, ending family ownership of the Cincinnati-based chain that dates to its first drive-thru in 1939.
Frisch’s Restaurants Inc. says NRD Partners I will buy all outstanding shares for $34 each, or some $175 million. Frisch’s shares closed Thursday at $28.12.
The regional chain with the iconic Big Boy mascot owns some 95 family restaurants in Ohio, Kentucky and Tennessee. Its website states it has another 26 operated in the region by licensees.
CEO Craig Maier and marketing Vice President Karen Maier will retire, but continue as franchisees.
The deal is expected to close by the end of September.
Frisch’s last month reported $47 million in revenue for its fiscal third quarter, with 45 cents earnings per share.