STAMFORD Conn. The private-equity firm Olympus Partners has acquired 95 Chili's Grill & Bar units from Brinker International for $155 million as the foundation for a new franchise operating company called Pepper Dining Inc.
As part of the deal, Brinker said, Pepper Dining has agreed to develop at least 14 and possibly as many as 38 additional Chili's outlets.
The new venture will be headed by John McGlone, a former Chili's operations executive, Olympus said.
The units are located in the Northeast and mid-Atlantic area, it noted.
Olympus said its portfolio has included HomeTown Buffet and franchises of Taco Bell, KFC, Wendy's and Golden Corral. It recently sold Travel Centers of America, the chain of travel plazas, for $1.9 billion.