Lone Star Sells Texas Steakhouse Chains To Co. Heads

Law360, New York (January 6, 2014, 6:40 PM EST) -- After more than six years of ownership, private equity firm Lone Star Funds has sold off two Texas-based restaurant chains to the companies' executives, who plan to refresh the brands and expand the concepts again, the new owners announced Monday.

An affiliate of Lone Star Funds has sold Lone Star Steakhouse and Texas Land & Cattle for an undisclosed amount, to the chains' chairman and CEO, Scott Smith, and president and chief financial officer, Tim Dungan. To complete the deal, Smith and Dungan created Day Star...
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