The Elk Grove-based MarLu Investment Group said Thursday that it has entered into an agreement to purchase 22 TGI Fridays restaurants, primarily in Texas and Colorado.
Financial terms of the transaction were not disclosed.
Tony Lutfi, MarLu’s CEO and president, said in a statement that Fridays “fits perfectly into our already strong network of brands, and we look forward to capitalizing on the many opportunities we see for growth and expansion.”
MarLu currently operates more than 200 franchise businesses in 11 states. Most of the sites are well-known food purveyors, including Arby’s, Jack in the Box and Little Caesars Pizza.
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MarLu said the new agreement with Texas-based Fridays includes a plan to “re-image” the acquired restaurants with Fridays’ latest design themes, plus a development plan to open 10 new sites in markets where MarLu will be operating the Fridays restaurants.
Founded in 1965, TGI Fridays has more than 900 restaurants in more than 60 countries.
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