Amici Partners Group, an entity comprised of restaurant investors and operators focused on casual-dining chains, has acquired restaurant chain Friendly’s Restaurants.
The deal covers Friendly’s 130 corporate-owned and franchised restaurant units in the East Coast region of the US.
The chain, which has been struggling under increased competition for years, declared bankruptcy in November last year and agreed to sell ‘substantially all its assets’ to Amici.
Amici said it plans to keep all 130 Friendly’s locations, saving thousands of restaurant staff jobs.
Amici Partners president Craig Erlich said: “The investors of Amici Partners Group have been involved with the Friendly’s Restaurant brand in many capacities over the years, not only as owners / operators and leaders in the system but also as long-time loyal customers of this iconic brand.”
“Based on our personal connection to the chain, strong investment capabilities, and seasoned management team, we believe we will be able to continue to reinvigorate this much-loved brand for both loyal patrons and new customers alike.”
Founded in 1935 in Springfield, Friendly’s Restaurants is known for its signature sandwiches, burgers, and ice cream desserts.
The new owner intends to innovate the menu and re-establish Friendly’s as a family friendly destination.
It also plans to revamp Friendly’s app for online ordering, take-out, and delivery, in addition to launching a new loyalty programme for customers.
Recently, an affiliate of US-based investment firm Peak Rock Capital concluded the acquisition of Shipley Franchise Company and Shipley Do-nut Flour & Supply Co.
Earlier this month, US-based restaurant chain Capriotti’s Sandwich Shop set up plans to purchase the fast-casual brand Wing Zone, which serves made-to-order chicken wings.