Who owned TGI Fridays? This question has intrigued many as the restaurant chain has undergone several changes over the years. TGI Fridays, known for its casual atmosphere and American fare, has had a diverse history of ownership, each bringing its own unique touch to the brand.
TGI Fridays, founded in 1965 by Bob and Norma Horn, began as a small restaurant in New York City. The Horns, both experienced restaurateurs, named their establishment after their wedding anniversary, which fell on a Friday. The concept quickly gained popularity, and the chain expanded rapidly, becoming a household name across the United States. In 1971, the Horns sold the company to Pillsbury, a diversified company with interests in food and other industries.
Under Pillsbury’s ownership, TGI Fridays continued to grow and evolve. The company introduced new menu items, expanded its international presence, and even ventured into the realm of theme parks. However, in 1997, Pillsbury decided to sell the restaurant chain to a group of investors, including a company called Focus Brands. This new ownership marked the beginning of a series of changes for TGI Fridays.
Focus Brands, led by a management team that included CEO Charles Watson, focused on reviving the TGI Fridays brand. They introduced a new menu, updated the decor, and implemented a loyalty program to attract customers. In 2010, Focus Brands was acquired by a private equity firm called Roark Capital Group, which had a strong track record of investing in and revitalizing restaurant brands.
Roark Capital Group’s ownership of TGI Fridays lasted until 2014, when the company was taken private in a $575 million deal. The buyout was led by an investment group that included Oak Hill Capital Partners and Catterton Partners. This group aimed to restore TGI Fridays to its roots as a casual, American restaurant chain.
Today, TGI Fridays is once again owned by a private equity firm, but the brand has faced challenges and has been in the process of reinventing itself. The company has implemented various strategies to regain its popularity, such as a new menu focused on healthier options and a more inclusive atmosphere. As the brand continues to evolve, the question of who owned TGI Fridays remains a testament to the chain’s resilience and adaptability throughout the years.
