DALLAS, April 16, 2024 /PRNewswire/ — TGI Fridays announced today that it has reached agreement on exclusivity and on a non-binding basis for a proposed all-share acquisition by UK-based hospitality business, and the brand’s largest global franchisee, Hostmore plc.
The deal, which is expected to close in the third quarter of 2024, would create a global hospitality brand, offering the casual restaurant pioneer operational and financial flexibility, increased scale and capital to deliver continued revenue and an exceptional experience for TGI Fridays Guests.
As a leader in the casual dining industry, TGI Fridays reported $1.4bn in total systemwide sales in 2023 alone. Upon completion of the transaction, the new combined entity would be named TGI Fridays plc and listed on the London Stock Exchange as “TGIF” with both U.S. and global operations of the brand remaining in place at the company’s Dallas headquarters under the leadership of current Chief Executive Officer, Weldon Spangler.
Additionally, the combined entity would have 189 corporate-owned restaurants in the United States and the United Kingdom for a total of nearly 600 restaurants across 44 countries.
“We have been laser focused on revitalizing the brand and driving growth through consumer-centric offerings, the optimization of our restaurant portfolio and the addition of senior team members. This transaction represents the next step in our journey as it increases our corporate-owned restaurant locations and provides capital to expand our presence globally,” said TGI Fridays Chief Executive Officer, Weldon Spangler.
“Hostmore is the perfect partner to help us achieve our vision, as they understand the importance of bringing ‘That Fridays Feeling’ to Guests in the brand’s largest international market, operating 89 locations in the UK.”
As the world’s first casual bar and grill, TGI Fridays prioritizes creating an exceptional guest experience. The brand is raising its bar with a new $5 Happy Hour program and on-trend beer, wine, spirits, and non-alcoholic drinks like its most recent Tax Break cocktail.
And it’s on the pulse of what consumers want with unique flavor combinations and the brand’s recent Busted Bracket offering and new everyday value menu. The brand is already seeing positive momentum on these new initiatives as well as significant improvements on guest satisfaction metrics as measured by social sentiment.
“This acquisition would give us the scale and flexibility to accelerate our existing strategy and enhance the financial outlook for Hostmore and scope for shareholder returns, while also strengthening our ability to provide an exceptional guest experience by harnessing our distinctive, trusted brand as the home of celebrations,” said Stephen Welker, Chairman of Hostmore. “We look forward to presenting our existing and new shareholders the opportunity to participate in the significant value creation potential of the combined group going forward.”
Over the past year, TGI Fridays has bolstered its leadership team with the appointments of Weldon Spangler to Chief Executive Officer, Ray Risley to U.S. President and Chief Operating Officer, and Nik Rupp to President of International Markets and Chief Financial Officer. With decades of industry experience, the team is executing on its growth strategy and will further capitalize on the opportunities of being a global hospitality brand.
TGI Fridays is controlled by TriArtisan Capital Advisors, a U.S.-based private equity firm, with ownership stakes in several global consumer recognized dining concepts including P.F. Chang’s, the internationally recognized leader in Asian dining, C3, one of the fastest growing tech-enabled food service and IP platforms, and Hooters of America, the iconic sports bar, media, and entertainment company.
About TGI Fridays
As the world’s first casual bar and grill, TGI Fridays is the birthplace of fun, freedom, and celebration, bringing people together to socialize and experience “That Fridays Feeling™”, a sense of celebrating the fun in everyday moments, big and small. For over 50 years, Fridays has been lifting spirits around the world with nearly 600 restaurants in 44 countries, serving high-quality, classic American food and iconic drinks backed by authentic and genuine service. Visit www.Fridays.com for more information and join Fridays Rewards®. Follow us on Facebook, Instagram, X and TikTok.
About Hostmore
Hostmore is a UK hospitality business and TGI Fridays’ largest franchisor globally with a successful track record in TGI Fridays’ largest international market. Hostmore operates 89 stores across the UK and has approximately 4,380 employees. Its current operations are focused on the casual dining brand, “TGI Friday’s”, and the fast casual dining brand, “Fridays and Go”.
US PR Contact
James Furrer
RF|Binder, on behalf of TGI Fridays
TGIFridays@rfbinder.com
