ATLANTA Ga. The largest franchisee of the Church's Chicken chain has agreed to acquire Shoney's Restaurants from an affiliate of Lone Star Funds, the Dallas-based private-equity fund that bought Lone Star Steakhouse & Saloon Inc. late last year.
Shoney's buyer, Royal Hospitality Corp. here, said it acquired the trademark and all franchise rights to the Shoney's name on Jan. 1. Nashville, Tenn.-based Shoney's franchises 230 restaurants. The purchase of the 52