Carlson announced today that it has sold TGI Fridays to Sentinel Capital Partners and TriArtisan Capital Partners.
The sale of the 49-year-old chain is expected to close in July, Carlson said in a news release. Although the holding company did not disclose the terms of the transaction, The Wall Street Journal reported that the sale "values Fridays at more than $800 million, including debt," citing a person familiar with the matter.
"We are excited and confident that under Sentinel's ownership Fridays will continue to experience significant growth and capitalize on new opportunities," said Carlson CEO Trudy Rautio, in the sale announcement. "For Carlson, this transaction frees up resources that the company can deploy to focus on and accelerate the growth of its hotel and travel businesses, at a time when significant opportunities exist in these markets."
Sentinel, which will be the majority shareholder in Fridays, already has a significant restaurant portfolio that includes Checkers and large franchise holdings of Church's Chicken and Pizza Huts.
TGI Fridays restaurants employ more than 70,000 people globally, according to Carlson.
—By CNBC.com staff