Garden Fresh Restaurant Corp. is a privately-held chain of buffet style restaurants operating under two brands: Souplantation and Sweet Tomatoes. Garden Fresh Restaurant Corp. was founded in 1983 by Michael Mack; however the first Souplantation restaurant was opened in 1978. The restaurants offer a menu consisting pasta, soups, breads, fresh fruit as well as specialty and prepared salads. Headquartered in San Diego, California, Garden Fresh Restaurant Corp. manages 112 company-owned restaurants across 15 states in the US, as of 2010. Private equity firm Sun Capital Partners and Garden Fresh management own Garden Fresh Restaurant Corp.
Overview & Corporate Organization
|Company Tags:||PE Backed|
|Fiscal Year End:||09/30|
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Garden Fresh Holdings, Inc.
Michael P. Mack
PrivCo Industries (Sector > Industry > Sub-Industry)
|Hospitality & Leisure > Restaurants > Casual Dining Restaurants|
|Hospitality & Leisure > Restaurants > Dessert-Only Restaurants|
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Competitors & Comparables
Charts, Financials, and Statistics (Table Format)
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|*||Garden Fresh Restaurant Corp. fiscal year end: 09/30|
Charts, Financials, and Statistics (Graphs)
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Mergers & Acquisitions
|Details||Mar. 2004||Completed||Garden Fresh Restaurant Corp.||Fairmont Capital, Inc.|
Centre Partners Management, LLC
|Details||Oct. 2005||Completed||Garden Fresh Restaurant Corp.||Sun Capital Partners, Inc.||Acquisition||$198,000,000|
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Public / Private History (PPH™)
|Date||Deal Type||Action||Resulting Status||Valuation||Amount Raised||Public Ticker|
|Details||Apr. 1995||IPO||Final (Went Public)||Public1||$15,000,000||LTUS|
|1||Taken private in 2004 - Details →|
Detailed Business Description: Garden Fresh Restaurant Corp.
Garden Fresh Corp. was incorporated in 1983 by CEO Michael Mack and partner Anthony Brooke. The company operates two chain buffet style restaurants: Souplantation and Sweet Tomatoes. Souplantation locations are mostly in Southern California markets while Sweet Tomatoes locations are found in Florida, Arizona, Colorado, Georgia, Illinois, Kansas, Missouri, Nevada, New Mexico, North Carolina, Oregon, Texas, Utah, and Washington.
Garden Fresh went public in 1995, offering 1.5 million shares of common stock for approximately $10 a share. However, despite the extra $140 million cash inflow, the company’s profit declined constantly until it dipped deep into the red in the first quarter of 2004. The company reported a loss of $204,000, or 3 cents a share, on revenue of $52.1 million for the quarter ended. Dec. 31. On September 30th, Fairmont Capital announced that it would acquire Garden Fresh for $16.35 a share. And five months later, Fairmount Capital… Continue Reading →