Restaurants Unlimited, Inc. (“RUI”), an affiliate of Sun Capital Partners, Inc. (“Sun Capital”), announced that it has acquired Pacific Coast Restaurants, Inc. (“PCR”). PCR operates 27 restaurants under the names of: Stanford’s (9), Newport Bay (8), Manzana (3), Newport Seafood Grill (2), Portland City Grill, Henry’s 12th Street Tavern, Portland Steak & Chophouse, Marina Fish House, and Billy Heartbeats. Terms of the acquisition were not disclosed.
Steve Stoddard, President and CEO, Restaurants Unlimited, Inc., said, “Though we anticipate that growth will come primarily from opening new restaurants, we will continue to take advantage of acquisition opportunities as they present themselves. PCR and RUI share a very similar operating philosophy and have no location overlap, so it is a great fit for both organizations. In particular, PCR’s Stanford’s and Newport Seafood Grill concepts are a perfect complement to the growth plans for our Kincaid’s and Palomino concepts.”
Wes Curl, Executive Vice President, Pacific Coast Restaurants Inc., shared that “PCR’s management team is very excited to join with a company like RUI that shares our commitment to our guests and employees, as well as for the expanded opportunities for growth.”
M. Steven Liff, Managing Director, Sun Capital Partners, Inc., added, “This is a terrific strategic move for both companies. Both RUI and PCR operate high-volume, award-winning full-service restaurants, which are guest- and quality-oriented. RUI and PCR take tremendous pride in hiring and retaining the best people. Each company has been successful on its own, but the synergies and efficiencies from joining together, along with the support and resources that Sun Capital can provide, will enable them to go to the next level.”