Ruby Tuesday chain to be taken private in $146 million deal

Goodbye Ruby Tuesday

Ruby Tuesday Inc (RT.N) said on Monday it would be acquired by private equity firm NRD Capital for an enterprise value of about $335 million.

NRD, an Atlanta-based private-equity firm, it is paying $2.40 a share for Ruby Tuesday, or about 21% above Friday's closing price of $1.99.

NRD Capital will assume or retire all of its debt obligations as well.

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(+) LBIX, (+31.4%) Reports non-GAAP fiscal Q2 net loss of C$0.25 per share, paring a C$0.33 per share adjusted net loss during the same quarter previous year. Ruby Tuesday engages in the ownership, development, operation, and franchise of casual dining restaurants under the Ruby Tuesday name in the United States and internationally.

Ruby Tuesday, which has about 600 restaurants, including one in Pueblo, said in March that it was considering a buyout.

The acquisition is expected to be completed during the first quarter of 2018. The company reported sales were down 4 percent at established locations.

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Atlanta's NRD is already in the restaurant business: It acquired Frisch's Big Boy Restaurants in 2015 and bought a majority stake in Fuzzy's Taco Shop past year.

"NRD Capital has a distinguished track record of achieving and maintaining profitable growth for restaurant concepts and will be an excellent partner to lead Ruby Tuesday going forward", Stephen Sadove, non-executive chairman of Ruby Tuesday, said in a press release.

As Eater reports, other casual dining chains such as Chili's, Applebee's, and TGI Fridays have seen revenue decline in recent years due in part to increased competition from fast-casual restaurants and delivery apps.

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