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Catalina Restaurant Group Inc., parent to the Coco's Bakery Restaurant and Carrows Restaurants family-dining chains, will be acquired by an affiliate of Food Management Partners, or FMP, the company said Tuesday.
Terms of the deal were not disclosed. The acquisition is expected to close on March 31.
Carlsbad, Calif.-based Catalina, which operates 149 restaurants across the two brands, has been owned for the past nine years by Zensho America Corp., a subsidiary of Zensho Holdings Co. Ltd., a Japan-based multiconcept operator with more than 4,000 restaurants around the world, including the beef-bowl chain Sukiya. Zensho bought the group in 2006.
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"After nearly a decade of shepherding the Coco's and Carrows brands, we are pleased to have found the right owner to begin the next chapter in the CRG story," said Yasunori Hiraguchi, president of Zensho America, in a statement.