Realized Investments
Main Street Restaurant Group, Inc.
Main Street Restaurant Group, Inc. is the largest franchisee of T.G.I. Friday's restaurants, the owner and operator of the Bamboo Club - Asian Bistro, the Redfish Seafood Grill and Bar and Alice Cooper'stown restaurant concepts. Main Street operates locations primarily in Southern California, Arizona, and Nevada.
In April 2005, CIC Partners closed a PIPE (Private Investment In Public Entity) transaction to provide growth capital to Main Street. In July 2006, the company was successfully sold to a strategic buyer, The Briad Group, in a take-private transaction. During CIC Partners' ownership period, Main Street successfully restarted new unit development, refinanced its debt structure, and substantially improved comparable store sales and margins. As a result, the transaction provided an attractive return to all shareholders of 3.4x the investment.