ORLANDO, Fla. Darden Restaurants said it has narrowed the field of bidders for its 73-unit Smokey Bones Barbecue & Grill chain to an affiliate of the private-equity firm Sun Capital Partners Inc. in hopes of negotiating a deal within 30 days.
In anticipation of negotiating a definitive purchase agreement during the period of exclusivity, the Sun Capital affiliate has already taken steps to meet certain licensing requirements, which would facilitate a quick closing, Darden said. It did not say what those requirements are.
If a purchase agreement is not hammered out, Darden said, it could resume negotiations with the other suitors that have come forward. It did not reveal any of the other bidders.
Boca Raton, Fla.-based Sun Capital and its affiliates have been on a restaurant-company acquisitions tear in recent months, with purchases of Friendly Ice Cream Corp. and Boston Market in August, and Restaurants Unlimited in March. It also owns or holds stakes in Real Mex Restaurants, Garden Fresh Restaurant Corp., Fazoli's Restaurants and Bruegger's Enterprises.
In May, Darden closed 54 units of the struggling, eight-year-old Smokey Bones chain and announced that it was putting the remaining 73 restaurants up for sale. Most are located in the eastern United States.
Darden operates the Red Lobster, Olive Garden, Bahama Breeze and Seasons 52 casual-dining concepts. In August, it added the LongHorn Steakhouse and Capital Grille concepts thorugh the $1.4 billion acquisition of Atlanta-based Rare Hospitality Inc.