Yucaipa to Buy Piccadilly Cafeteria
Yucaipa Cos., Los Angeles investor Ron Burkle’s private equity firm, on Friday announced a deal to acquire the Baton Rouge, La.-based Piccadilly Cafeteria chain out of Bankruptcy Court.
The purchase price is about $80 million, sources said.
Formed more than 60 years ago, Piccadilly operates 136 cafeterias in 15 mostly Southern states, including Florida and Texas. It has more than 6,000 employees.
“We are excited to be acquiring Piccadilly with its long and proud tradition. It has a tremendous brand name with significant growth potential,” said Burkle, former grocery store chain owner and managing partner of Yucaipa. “We are confident that our operations and retail expertise will provide value for the Piccadilly brand.”
Yucaipa plans to remodel, replace and revitalize existing cafeterias and expand the chain into new locations, although there are no immediate plans to open a Piccadilly cafeteria in Southern California, Yucaipa spokesman Frank Quintero said on Friday.
The Bankruptcy Court approved the deal Friday, after a bidding process. Piccadilly had filed for bankruptcy protection in October.
Founded in 1986, Yucaipa Cos. has invested in mergers and acquisitions valued at more than $30 billion.
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