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CBRL to Sell Logan's Roadhouse

The buyer is a group of investment firms.

CBRL Group (CBRL) - Get Cracker Barrel Old Country Store, Inc. Report, owner and operator of The Cracker Barrel Old Country Store restaurant and gift shop chains, said that it is selling its subsidiary, Logan's Roadhouse, a steakhouse chain, to LRI Holdings, a group of private investment firms.

Logan's currently operates 143 restaurants and franchises 25 restaurants in 20 states.

Total consideration is $486 million, subject to customary post-closing adjustments.

The transaction is expected to close on or before November 30, 2006.

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The Lebanon, Tenn.-based CBRL presently expects net proceeds after related taxes, fees and expenses to be used for share repurchases, debt reduction, and/or other general corporate purposes.

Shares of the company were unchanged at $42.70 Tuesday before markets opened.

This story was created through a joint venture between TheStreet.com and IRIS.