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Restaurants Unlimited to buy Pacific Coast Restaurants

SEATTLE In yet another deal involving multi-concept restaurant companies, Pacific Coast Restaurants Inc., a Portland, Ore-based operator of eight casual and fine-dining brands in the Pacific Northwest, has agreed to be acquired by Restaurants Unlimited, a 29-unit Seattle-based counterpart. The resulting company would have 16 concepts encompassing about 56 restaurants.

No details of the transaction were disclosed and company officials declined to comment until the deal is completed, which they expect to happen within the next month or so.

Both companies operate upscale and casual-dining concepts throughout the northwestern corner of the nation. Pacific Coast Restaurants, owned by co-founders Al Fleenor and Robert MacLellan, owns and runs 27 restaurants under the brands Newport Bay, Henry's 12th Street Tavern, and Manzana Rotisserie Grill. One Newport Bay location has been franchised.

Restaurants Unlimited operates 29 restaurants with three primary brands-- Kincaid's, Palomino, and Pizzaria Fondi - and five single-unit concepts. It is a holding of Sun Capital Partners, a private-equity company based in Boca Raton, Fla. Sun Capital disclosed Sunday that an affiliate was acquiring Friendly Ice Cream Corp., parent of the Friendly's family restaurant chain, for $337.2 million.

The acquisition of Pacific Coast Restaurants would be the latest in what is fast becoming a wave of deals involving multi-concept restaurant concerns, sometimes known as independent or indie groups.

B.R. Guest, an indie group based in New York, was recently acquired by Barry Sternlicht's Starwood Capital Group, owner and operator of the Le Meridien lodging chain.

Two of the principals of Patina Restaurant Group, a multi-concept operator with extensive holdings on the two coasts, recently teamed up with the private-equity firm Bunker Hill Capital to buy The Smith & Wollensky Restaurant Group, operator of a namesake steakhouse chain and several fine-dining concepts.

Cameron Mitchell Restaurants, a 30-unit multi-concept operator based in Columbus, Ohio, said last week that it was considering a sale of its 19-store Fish Market group.

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