Investment Firm to Acquire Houlihan’s Parent

An iconic company on the Kansas City restaurant scene is about to be under new management: HRI, the parent of Houlihan’s Restaurants and other fine and casual-dining concepts, announced today that it would be acquired by York Capital Management, a global private investment firm with U.S. operations based in New York.

Terms of the deal were not disclosed, and the transaction is expected to close in December, HRI said in a release announcing the sale.

HRI was founded in 1972, and is known for its suite of  casual dining and fine dining venues, which also include the J. Gilbert’s Wood-Fired Steaks, Bristol Seafood Grill and Bar/Devon’s Seafood Grill and Bar brands.

Michael Archer, a former Applebee’s chief executive, will become CEO after the sale is completed. Bob Hartnett, HRI’s current CEO and chairman will leave the company but remain connected with a consulting role, HRI said.

“As part of their diligence, York Capital and Mike visited all of the company restaurants, and we spent a substantial amount of time with them,” Hartnett said. “I believe that York Capital and Mike Archer represent ideal partners to continue growing and evolving HRI and its concepts. I am excited to be working with them to help grow the company.”