Centre Partners Sells Souplantation

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Centre Partners LLC on Wednesday sold the operator of Souplantation and Sweet Tomatoes restaurants to Sun Capital Partners Inc. for a reported $198 million.


L.A.-based Centre Partners, along with its co-investors Fairmont Capital Inc. and Northwestern Mutual Life Insurance Co., acquired a controlling stake in San Diego-based Garden Fresh Holdings Inc. in March 2004 for a reported $140 million.


Boca Raton, Fla.-based Sun Capital Partners is paying around $198 million for Garden Fresh, according to a report in The San Diego Union-Tribune. The executive team of Garden Fresh retains an ownership stake of less than 10 percent of the company.


There are 12 Souplantation locations in the L.A. area. The chain is branded with the Sweet Tomatoes name in the northern California, Mid-West and East Coast regions.


Garden Fresh operates 97 locations in 15 states and has annual revenues of over $240 million, Centre Partners said in a statement.


Centre Partners has committed capital of approximately $780 million and also controls Uno Chicago Grill and Johnny Rockets restaurants.

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