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The auction for Brinker International Inc.'s Romano's Macaroni Grill is down to its final bidder, believed to be Sun Capital Partners Inc., sources said.
Brinker is expected to announce a sale by June 25, its fiscal year's end.
The Boca Raton, Fla., private equity firm has said it is on an aggressive acquisition push. It acquired Timothy's Coffees of the World Inc. for undisclosed terms last month. Its stock closed at $22 per share Tuesday, up about 2% from Monday's close. Brinker was founded in 1975 and changed its name to Chili's Inc. in 1976. Norman Brinker bought the company and took it public in 1983. The company changed its name to Brinker International Inc. in 1991. Romano's Macaroni Grill is a casual Italian chain with around 230 units in the U.S., Mexico and Canada. It was founded by Texas restaurateur Philip Romano and opened its first restaurant in Leon Springs, Texas, in 1988. Brinker bought the franchise rights in 1989. If successful, it would be Brinker's fourth divestiture since 2004. It has also cast off the Rockfish Seafood Grill, Corner Bakery Cafe and Big Bowl Asian Kitchen brands. Other Brinker chains include Chili's Grill & Bar, On The Border Mexican Grill & Cantina and Maggiano's Little Italy.-- Demitri Diakantonis See full story on TheDeal.com See TheDeal.com story: M&A in ethnic food industry simmers Categories Deal Video
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