Introduction
Legal Sea Foods is a restaurant chain that has been a staple of the New England dining scene for over 60 years. Founded in 1950 by George Berkowitz, the company has grown to become one of the largest seafood restaurant chains in the United States. Recently, it was announced that the company is being sold to a private equity firm. This sale marks a major milestone in the history of Legal Sea Foods and will likely have a significant impact on the restaurant industry. This article will provide an overview of the sale and discuss the implications for the restaurant industry.
Legal Sea Foods Restaurant Chain Is About to Be Sold
Legal Sea Foods, a popular seafood restaurant chain, is about to be sold. The company, which has been in business for over 50 years, has been acquired by a private equity firm, LNK Partners. The deal is expected to close in the coming weeks.
Legal Sea Foods has been a staple of the seafood restaurant industry for decades. The chain has over 30 locations in the United States, including in Massachusetts, Rhode Island, New Jersey, and Pennsylvania. The company is known for its fresh seafood, as well as its signature dishes such as clam chowder and lobster rolls.
The acquisition of Legal Sea Foods is part of a larger trend of private equity firms buying up restaurant chains. In recent years, private equity firms have acquired a number of popular restaurant chains, including Buffalo Wild Wings, Red Lobster, and Applebee’s. These acquisitions have allowed the firms to expand their portfolios and increase their profits.
The sale of Legal Sea Foods is expected to be finalized in the coming weeks. It is unclear what the future holds for the chain, but it is likely that the new owners will look to expand the chain’s presence in the United States. It is also possible that the new owners will look to expand the chain’s international presence.
The sale of Legal Sea Foods is a sign of the changing times in the restaurant industry. Private equity firms are increasingly looking to acquire popular restaurant chains in order to expand their portfolios and increase their profits. It remains to be seen what the future holds for Legal Sea Foods, but it is clear that the chain is in for some big changes.
In 1950, Harry Berkowitz opened the Authorized Money Market grocery retailer in Cambridge, MA, and 18 years later, his son George opened a seafood restaurant proper subsequent door. Within the ensuing 50-plus years, Authorized Sea Meals would broaden to just about three dozen areas primarily targeted within the Northeast, with a number of eating places in Massachusetts and some as far south as Washington, DC, and Northern Virginia.
A number of Authorized Sea Meals eating places have closed just lately, together with six completely shuttered through the COVID-19 pandemic. At present, the restaurant’s web site lists 28 lively areas (at its top in 2018, the chain had 35 spots), all of that are slated to be offered to funding group PPX Hospitality Manufacturers within the coming days, experiences the Boston Globe.
This can characterize a dramatic shift for the beloved seafood chain, which below present CEO Roger Berkowitz, stays a household operated enterprise. The phrases of the sale embrace all Authorized Sea Meals eating places in addition to a 70,000 square-foot meals processing plant and a meals security lab.
Nevertheless, the Berkowitz household will keep management over a web-based enterprise promoting seafood on-line that may proceed to function below the Authorized Sea Meals identify. PPX Hospitality Manufacturers will add the eating places—which it additionally plans to maintain the identify of—to its different operations together with a global chain of steakhouses, experiences Undercurrent.
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