Informal-dining chain TGI Fridays introduced at the moment that it has agreed to be acquired by Hostmore, a U.Ok.-based hospitality enterprise and in addition the model’s largest international franchisee. The all-share acquisition, which is anticipated to shut within the third quarter of 2024, would create a mixed entity with 189 corporate-owned eating places within the U.S. and U.Ok., for a complete of almost 600 eating places throughout 44 international locations.
Upon completion of the transaction, the brand new mixed entity will probably be named TGI Fridays and listed on the London Inventory Alternate as “TGIF.” Each U.S. and international operations of the model will stay in place on the firm’s Dallas headquarters below the management of present CEO, Weldon Spangler.
Based in 1965, TGI Fridays has been owned by personal fairness agency TriArtisan Capital Advisors since 2014. TriArtisan had introduced in late 2019 that it might mix TGI Fridays with Allegro Merger Corp. and take the corporate public, however the deal was cancelled in 2020 because of uncertainty throughout Covid. TGI Fridays reported $1.4 billion in complete systemwide gross sales in 2023.