Red Lobster will be purchased by industry leaders and Thai Union.
FLORIDA: ORLANDO Golden Gate Capital has agreed to sell the remaining ownership investment in Red Lobster Seafood Co. to a consortium led by leaders from the restaurant business and consisting of current investor Thai Union Group PCL and Seafood Alliance. Red Lobster’s current management group and CEO, Kim Lopdrup, will continue to lead the company from its Orlando headquarters.
Thai Union is the owner of the Chicken of the Sea canned tuna brand and a worldwide seafood exporter with headquarters in Bangkok. Its prior $575 million strategic investment in Red Lobster is being built upon by this deal. Additionally, Thai Union has two representatives on the board of directors of the restaurant company.
Rit Thirakomen and Paul Kenny are two of Seafood Alliance’s principal stockholders. Prior to this, Mr. Kenny oversaw Minor Food, one of the biggest quick-service and casual dining restaurant chains in Asia. Mr. Thirakomen is the head of the Thai restaurant company MK Restaurant Group.
The management of Red Lobster is also a part of the consortium.
“We are excited to strengthen our partnership with Thai Union, a strategic supplier that has been a long-term partner of Red Lobster for the past four years,” stated Mr. Lopdrup. “The enormous international restaurant and hospitality knowledge that Seafood Alliance brings will also benefit our organisation. I would like to express my gratitude to Golden Gate Capital for their continuous support for the last six years, especially the last five months.
Red Lobster has taken precautions ever since the COVID-19 outbreak started in order to improve restaurant safety. Curbside pickup and touchless delivery have also been adopted by the company. The majority of Red Lobster’s dining rooms are open and include single-use paper menus, mobile ordering and payment options, and are nearly all company-operated restaurants that accept orders for delivery or to-go.
Mr. Lodrup declared, “I am proud of how our team has responded to the COVID-19 pandemic, always putting our guests’ and employees’ safety first.” “The pandemic forced us to reconsider the visitor experience, and we implemented new strategies that enabled us to increase our off-premise sales in a safe and timely manner. We’re happy to report that even after reopening the vast majority of our dining locations, off-premise sales have remained three times higher than they were before the crisis chambers.
2014 saw the $2.1 billion acquisition of Red Lobster by San Francisco-based private equity firm Golden Gate Capital from Olive Garden parent company Darden Restaurants, Inc.
“We are pleased to have collaborated with Kim Lopdrup and the management team since 2014, generating substantial returns for our investors. We have had a very fruitful relationship with Red Lobster,” stated Josh Olshansky, a managing director at Golden Gate Capital. “We are confident the company is in excellent hands and are excited to support the team under new ownership because of our strong liquidity position.”