DALLAS, May 22, 2017 /PRNewswire/ -- Chalak Mitra Group of Companies, a Dallas-based investment group announces today the sale of several of its non-core brands. The brands included in the transactions are Elephant Bar Restaurant, Baker Bros American Deli, and Ruby Tequila's Mexican Kitchen. Terms of the transactions are not disclosed and all were sold to third parties.
Baker Bros American Deli, a fast-casual deli chain that serves salads, oven-baked sandwiches, and stuffed baked potatoes sold in February 2017 to FGR Food Corporation, based out of Dallas, Texas.
Elephant Bar Restaurant, a globally inspired scratch kitchen founded in 1980, was sold via a stock purchase agreement on May 19, 2017 to an affiliate of SBR, LLC. The transition will occur over the next several weeks and will not affect day-to-day operations of the restaurants. SBR, LLC, based out of Connecticut, is an investment company, specializing in private middle market activities.
The sale of Ruby Tequila's Mexican Kitchen is being finalized and should be complete by the end of May. It was sold to an affiliate of Fired Up Holding Company, Inc., based out of Lubbock, Texas. Ruby Tequila's Mexican Kitchen is an authentic Mex-Tex restaurant with locations in Lubbock and Amarillo.
The sale of these brands will continue to help shape the group's high-level strategic direction. "We were proud to be affiliated with these brands throughout our ownership and wish the new ownership groups the best of luck. As a result of these transactions, we will allocate our resources to expand and strengthen our other businesses," said Al Bhakta, Managing Director.
About Chalak Mitra Group of Companies
Chalak Mitra Group of Companies is an investment group headquartered in Dallas, Texas. They have deployed capital and management services in companies that operate restaurants, retail, real estate, hospitality, manufacturing, and sports. Their investment philosophy is to leverage their core expertise to help build companies and create value for all stakeholders.
Chalak Mitra Group of Companies
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SOURCE Chalak Mitra Group of Companies