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Friendly Ice Cream acquired by private investment firm
By Lisa Kerner
Charlotte, N.C., Aug. 30 - Friendly Ice Cream Corp. was acquired by Freeze Operations, Inc., an affiliate of Sun Capital Partners, Inc., after the June 18 merger agreement was approved by Friendly shareholders on Wednesday.
The agreement gives Friendly shareholders $15.50 per share in a deal valued at $337.2 million.
"We are very pleased to have an opportunity to partner with a financial sponsor with extensive operating experience in the restaurant industry and look forward to the challenge of strengthening our product offering bringing higher levels of service and quality food to our customers, all at a reasonable price," Friendly president and chief executive officer George Condos said in a company news release.
In addition, Friendly accepted and made payment on $167,196,000 of its 8 3/8% senior notes due 2012 in a tender offer that ended Aug. 29. A total of $7,804,000 of the notes remains outstanding.
Friendly is a Wilbraham, Mass.-based restaurant company.
Sun Capital Partners is a private investment firm focused on leveraged buyouts, equity, debt and other investments. The company has offices in Boca Raton, Fla., Los Angeles and New York.
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