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Article: Avado unloads McCormick & Schmick's.(Brief Article)
- Article from:
- Seafood Business
- Article date:
- July 1, 2001
CopyrightCOPYRIGHT 2001 Diversified Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sale to two New York investors ensures chain's continued growth
Avado Brands has sold its top-performing restaurant concept, McCormick & Schmick's, to two New York-based private-equity investment firms for $123.5 million in cash.
Castle Harlan and Bruckmann, Rosser, Sherrill & Co. agreed to purchase the Portland, Ore.-based upscale seafood restaurant chain on June 8. McCormick & Schmick's management, including founders Doug Schmick and Bill McCormick, will also participate in the transaction.
The buyout won't result in any management changes, affirms Schmick. However, McCormick has stepped down from Avado's board of directors.
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