LEAWOOD, Kan. – York Capital Management signed an agreement to acquire Leawood, Kan.-based HRI, a diversified restaurant holding company. HRI owns several restaurant concepts comprising more than 90 company owned and franchised restaurants.
In the casual dining category, HRI operates under the Houlihan’s brand. The company also operates J. Gilbert’s Wood-Fired Steaks, Bristol Seafood Grill and Bar/Devon’s Seafood Grill and Bar in the fine dining segment. Details of the transaction were not disclosed. As part of the acquisition, Michael Archer was named CEO of HRI. He succeeds Bob Hartnett, current CEO and chairman.
“We are extremely impressed with the company’s quality of food and service, high guest satisfaction, and value proposition and believe there is tremendous opportunity for growth,” Archer said in a statement. “We plan to continue evolving our existing brands through continually refreshing the menu and meaningfully investing in our restaurant base.”
Archer added that York Capital is providing capital and adding to the management team to support growth which the company expects will come through new corporate owned and franchised restaurants across all of the existing concepts.” In addition, we believe that HRI represents an attractive platform for growth through the development or acquisition of new concepts,” Archer added.
Before joining HRI, Archer was president of Applebee’s within Dine Equity (DIN), president of TGI Friday’s, COO of Sullivan’s and Del Frisco’s within Lone Star Steakhouse & Saloon, and president of Morton’s The Steakhouse.