Wednesday, Oct. 1, 2003 | 9:24 a.m.
SAN DIEGO -- Garden Fresh Restaurant Corp. said Tuesday it agreed to be taken private by an affiliate of investment firm Fairmont Capital Inc. in a deal valued at roughly $98 million.
San Diego-based Garden Fresh operates 97 salad-buffet restaurants under the names "Souplantation" and "Sweet Tomatoes" in 15 states. It had revenue of $214.3 million for the year ended Sept. 30, 2002.
Under the agreement, Fairmont will pay $16.35 in cash for each Garden Fresh share. The offer represents a 48.9 percent premium to Garden Fresh's Monday stock closing price of $10.98.
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