ICR Inc. is handling Ruby Tuesday as the sit-down casual dining format restaurant chain says farewell to the stock market, agreeing to be acquired by Atlanta-based NRD Capital private equity firm for about $335M.
Sales at the 600-unit Maryville, TN-based chain have been on the decline as younger consumers view the RT brand as dated, preferring delivery, fast-serve casual chains (Chipotle, Shake Shack) and eating at home.
RT posted a 15.3 percent dive in Q1 sales (ended Sept. 5) to $217.3M and suffered a $9.8M net loss.
The NRD deal, according to Stephen Sadove, RT non-executive chairman, provides “the most promising opportunity to realize the highest value for our stockholders, while providing the best path forward for the RT brand, employees, franchises and loyal customers.”
ICR’s Christine Beggan works media, while Melissa Calandruccio handles investors in the takeover deal.