AAC Sells Stake In TGI Friday's UK To Joint Owner Carlson

29th Jul 2010 15:17

LONDON (Dow Jones)--AAC Capital Partners has sold its majority stake in U.K. restaurant chain T.G.I. Friday's to joint owner Carlson Restaurants in a deal that values the company at GBP60 million, Carlson announced Thursday. AAC, formerly the buyout arm of Dutch bank ABN Amro Holding NV, partnered with Carlson Cos., the Minnesota-based parent of T.G.I. Friday's worldwide, to buy the U.K. chain from Whitbread PLC (WTB.LN) in 2007. AAC took a 60% stake while Carlson owned the remaining 40%, with an exclusivity option to buy out AAC's stake. Under their joint ownership, T.G.I. Friday's UK Holdings Limited has doubled its earnings before interest, tax, depreciation and amortization and opened two new restaurants. AAC has made nearly four times the cash it put into the original deal. The announcement comes as Blackstone Group's (BX) Cafe Rouge restaurant chain is in talks to buy rival cafe-owner Paramount, which owns the Chez Gerard chain and Bertorelli restaurants. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires July 29, 2010 10:17 ET (14:17 GMT)