Advantica Restaurant Group, Inc. (Nasdaq: DINE) announced December 29, 1999 that it has successfully completed the sale of its El Pollo Loco subsidiary to an affiliate of American Securities Capital Partners, L.P., a New York-based private investment firm, for $128 million, which includes the assumption of $15 million of debt.
The divestiture of El Pollo Loco, Advantica's only quick-service restaurant brand, will enable the company to focus its resources on its family dining portfolio. Advantica plans to use the net cash proceeds from the sale, which will exceed $100 million, to further reduce debt and reinvest in its family dining brands.
Advantica is one of the nation's largest restaurant companies, operating over 2,400 restaurants in the family dining segment under its
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