The Associated Press June 7, 2010, 8:43AM ET

Logan's Roadhouse parent to file IPO

LRI Holdings, the restaurant company that owns the Logan's Roadhouse chain, filed for an initial public offering Monday.

LRI did not disclose the number or anticipated price range of shares in its filing with the Securities and Exchange Commission. But the company said the maximum total offering price is $200 million, although that may change.

The bar & grill chain, with 211 locations mostly in the Southeast and Southwest, is headquartered in Nashville, Tenn. It opened in 1991 and was once part of Cracker Barrel Old Country Store Inc. It was sold in late 2006 to a group of private equity investors.

Those investors, Bruckmann, Rosser, Sherrill & Co., Black Canyon Capital LLC and Canyon Capital Advisors LLC, may sell shares in the deal. The company won't receive money from the sale of their shares.

The regulatory filing didn't disclose how much of the company the private equity firms will own after the IPO, but said they will have controlling interest in the publicly traded company and have seats on the board.

Through the first three quarters of its current fiscal year, LRI Holdings Inc. reported net income of $6.2 million, or $6.39 per share. That compares with a loss of $10.7 million, or $11.06 per share, during the same period last year.

Revenue rose 3 percent to $414.5 million.

The restaurant posted net losses during the previous two fiscal years.

LRI said it will use money raised from the IPO to pay debt and to redeem outstanding preferred stock.

LRI plans to list its shares on the Nasdaq Global Market under the symbol "LGNS."

Credit Suisse Securities LLC is serving as an underwriter for the deal.


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