Food Management Partners has divested its stake in family-dining chains Coco’s Bakery Restaurant and Carrows Restaurants, according to the company’s website.
Oversight of the company has shifted to Shari’s Management Corp.
San Antonio, Texas-based Food Management acquired Catalina Restaurant Group, the parent company of Coco’s and Carrows, three years ago. The company, which owns and operates several franchised and independent restaurant brands such as Old Country Buffet, Lone Star Steakhouse and Don Pablo’s, could not be reached for comment.
But on its website, Food Management states beneath the logos of Coco’s and Carrows that it has “divested interest in this business.”
Shari’s declined to discuss the deal. But, the Beaverton, Ore.-based parent of Shari's Café & Pies stated in a recent charity announcement that it oversees three brands: Shari’s, Coco’s and Carrows.
“Shari's Management Corporation, which oversees 153 locations and three brands including Shari's Restaurants, Coco's Restaurants and Bakery, and Carrows Restaurants, is launching a widespread Hunger Action Month effort that will cross eight state lines to end hunger in local communities,” Shari’s stated last week.
On its website, Coco’s also lists Shari’s as the chain’s point of contact.
Shari’s CEO Sam Borgese, left, declined repeated requests to confirm details of any purported acquisition deal or management takeover between Food Management Partners and Shari’s.
Restaurant insiders should not be surprised by Borgese’s interest the pair of family-dining chains.
Between 2003 and 2007, Borgese served as the CEO and chief development officer of Catalina, the Carlsbad, Calif.-based parent of Coco’s and Carrows.
In a Borgese bio obtained by Nation’s Restaurant News, the industry veteran is described as having two decades of experience “rescuing lost and weakened brands.”
He was named CEO of Shari's last year.
At the time, the company operated 95 Shari's Café & Pies in Oregon, Washington, California, Idaho, Nebraska and Wyoming. It now has 93 locations.
Between his roles at Catalina and Shari’s, he served as CEO of LRI Holdings Inc., parent to the Logan's Roadhouse chain. He currently serves on the board for Costa Mesa, Calif.-based El Pollo Loco.
Shari’s, founded in 1978, is taking over the pair of bakery-restaurant brands at a time when their footprints have diminished dramatically over the years, especially in its core California market.
In 2015, Japan-based Zensho Holdings Co. sold Catalina Restaurant Group to Food Management Partners.
At the time, the brand operated 149 Coco’s and Carrows Restaurants in three Western states. Nearly 80 store closures soon followed.
Today, both brands operate roughly 60 units, according to store counts on the brand’s websites, and calculations made from information stated publicly by Shari’s.
Contact Nancy Luna at [email protected]
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