Darden Restaurants sells Smokey Bones chain

| 12/5/2007

Orlando-based Darden Restaurants officially ended its eight-year quest to build a national barbecue chain when it agreed Tuesday to sell its struggling Smokey Bones Barbeque & Grill unit to an affiliate of the private-equity firm Sun Capital Partners for about $80 million.

The sale of the 73-restaurant chain, expected to close within 45 days, follows Darden's decision in May to unload the brand after first closing more than 50 underperforming locations in the Midwest and South. At the time, Smokey Bones was Darden's third-largest restaurant chain, behind Red Lobster and Olive Garden.

Darden had said last month that it was in exclusive talks to sell Smokey Bones to Sun Capital, which is based in Boca Raton. The South Florida company will add the chain to a portfolio of restaurant brands that includes Boston Market, Friendly Ice Cream, Sweet Tomatoes, Fazoli's and Bruegger's.

Smokey Bones executives said the chain's management team will remain in Central Florida and the restaurants will continue to operate under the Smokey Bones name, with no further closings planned. "It's business as usual for the restaurants," said Ian Baines, Smokey Bones' chief executive officer. "Nothing changes."

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