Bill Foley’s Glacier Restaurant Group has acquired the Max & Erma’s chain from American Blue Ribbon Holdings, a company the one-time Carl’s Jr. owner formerly controlled through another of his corporations.
Terms of the acquisition were not disclosed.
Max & Erma’s will now be headquartered in Foley’s hometown of Whitefish, Mont., where Glacier’s Mackenzie River Pizza, Ciao Mambo and Craggy Range chains are also based. Foley also owns a cattle business in the area.
Glacier said it foresees “exceptional growth” for Max & Erma’s, a casual brand that started by Max and Erma Visocnik in the 1950s.
American Blue Ribbon Holdings bought Max & Erma’s, then numbering 80 units, in 2008 for $10.8 million. The majority shareholder in ABRH at the time was Fidelity National Financial, Foley’s main business. Fidelity is a title insurance concern.
Foley entered the restaurant industry decades ago after forming a financial relationship with Carl Karcher, the founder of Carl’s Jr. Foley ended up owning the chain, Hardee’s and a number of sister brands.