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Friendly Ice Cream buyout closes

WILBRAHAM Mass. Friendly Ice Cream Corp., parent of the Friendly’s family-dining brand, is now a holding of the private-equity firm Sun Capital Partners Inc. after a buyout valued at $337.2 million closed Thursday.

Each director of Wilbraham-based Friendly, including chairman Donald N. Smith and president and chief executive George M. Condos, resigned from their board seats in connection with the transaction. However, it is expected that the leadership team at Friendly’s will remain, securities filings indicated.

“Friendly’s enjoys strong brand equity within its existing markets and, with its excellent ice cream menu, a unique position in the family-dining sector,” Gary M. Talarico, managing director at Boca Raton, Fla.-based Sun Capital, said in a statement. “We look forward to working with the management team to strengthen the company’s performance through operating efficiencies, enhanced customer service, improved menu offerings, and store remodeling and openings within and potentially beyond its historical markets.”

The Friendly’s chain includes 515 corporate or franchised restaurants mainly located throughout the Northeast.

Sun Capital’s affiliate, Freeze Operations Holding Corp., purchased all outstanding shares of Friendly stock for $15.50 per share in cash, after Friendly shareholders approved the deal on Wednesday. The transaction was valued at $337.2 million, including the debt carried over from Friendly’s books.

Goldman Sachs & Co. acted as the financial adviser to Friendly.

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