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Article: Investment firm to buy Ground Round Unit of Boston Ventures to pay $18.7m for chain
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- September 3, 1997
- Author:
CopyrightCopyright 1997 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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An arm of local investment firm Boston Ventures said yesterday it
plans to acquire Ground Round Restaurants Inc. of Braintree for $18.7
million.
The deal could mean a second chance for Ground Round, whose aging
restaurants have been under assault from bigger chains such as
Applebee's Neighborhood Grill and Bar, Chili's Bar & Grill, and TGI
Friday's.
The acquisition could give Ground Round, a company with $41
million in debt, the financing it needs to upgrade its restaurants
and to join in the double-digit growth enjoyed by many chains in the
casual-dining segment of the restaurant industry.
Boston Ventures now owns 4.9 percent of the stock in the publicly
traded Ground Round. Under a plan ...