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Turnaround Firm Joins in Acquisition of California-Based Restaurant Chain

August 09, 2017, 07:52 AM
Filed Under: Restaurant

Garden Fresh Restaurants, parent of Souplantation and Sweet Tomatoes, has been acquired by two private equity firms just months after its emergence from bankruptcy.

In a press release, the San Diego-based chain, which operates in nine startes, announced that Perpetual Capital Partners and CR3 Capital, an investment affiliate of CR3 Partners, has acquired the 97-unit soup, salad, and bakery restaurant chain. CR3 Partners is a a national turnaround and performance improvement firm.

Terms of the deal were not disclosed.

"Souplantation and Sweet Tomatoes are uniquely positioned with an extremely loyal customer base and dedicated restaurant teams," said Gene Baldwin, Garden Fresh Restaurants interim CEO and partner at CR3 Partners. "This creates new opportunities for all of our employees, guests and business partners as we move forward."

The acquisition follows the company's resurgence out of bankruptcy earlier this year, and provides a long-term ownership base for the company. CR3 Partners led the restructuring and has been managing the company for several months.

Garden Fresh filed for Chapter 11 in October 2016, and in January was acquired by affiliates of Cerberus Capital Management, L.P.

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