Approval of Purchase Agreement Paves Way for Chapter 11 Exit
SAN DIEGO, Jan.9, 2017 — Garden Fresh Restaurant Corp. (“Garden Fresh”) announced today that it will sell the company’s assets to affiliates of Cerberus Capital Management, L.P. (“Cerberus”) and its partners. Garden Fresh expects to emerge from its Chapter 11 restructuring process later this month. Specific terms of the agreement, which received court approval today, were not disclosed. Garden Fresh said it would emerge from the financial restructuring with between 90 and 104 restaurants, a stronger capital structure and significantly less debt.
“This challenging, but necessary, process has created a stronger financial foundation,” said John Morberg, Garden Fresh CEO. “Through our partnership with new owners, we plan to accelerate the guest-focused efforts we’ve been making to refresh our brands.”
Garden Fresh said the acquisition will be completed during late January and no significant changes to its day-to-day operations are anticipated.
About Garden Fresh Restaurant Corp.
Each day begins fresh at the more than 100 company-owned restaurants in 11 states. More than 300 million guests since 1978 have helped us be number one in fresh produce and salads, made-from-scratch soups, hot pastas, freshly baked breads and muffins, fresh fruit, desserts, and more. Guests have the freedom to create their own wholesome meal in a one-of-a-kind dining experience in a friendly atmosphere and all at an everyday value. The company is headquartered in San Diego, CA.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Cerberus has more than US $30 billion under management invested in four primary strategies: operational private equity, both control and non-control; distressed securities and assets; commercial mid-market lending; and real estate-related investments. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence to invest in multiple sectors, through multiple investment strategies, in countries around the world.