2 buffet chains change hands
The Souplantation and Sweet Tomatoes buffet chains have been sold to the private-equity firm CR3 Capital and the operating company Perpetual Capital Partners.
Terms of the sale by Cerberus Capital were not disclosed.
CR3 Capital is an affiliate of CR3 Partners, which led the chains’ parent company, Garden Fresh Restaurants, out of bankruptcy earlier this year. The restaurant company filed for bankrutpcy last year, laden with debt.
Garden Fresh operates 97 restaurants. The outlets, which specialize in salad, soup and baked goods, operate under the name Souplantation in Southern California and Sweet Tomatoes elsewhere.
Perpetual Capital is an investment firm that also operates its holdings. It also retains its portfolio companies for a longer stretch than private-equity firms typically do.
The company is funded by the Allbritton family of Washington, D.C., whose patriarch, Robert, founded the Politico website.