Following completion of the transaction, Craig Maier, the company’s chief executive officer, and Karen Maier, the company’s vice president of Marketing, will retire but will remain as franchisees of Frisch’s.
“We are pleased to have reached an agreement that maximizes value for our shareholders and ensures the iconic Frisch’s restaurants can continue to provide a full-service family dining experience to our guests,” Maier said in a release.
“Frisch’s restaurants are among the most classic and adored family restaurants in the country,” said Aziz Hashim, chief executive officer for NRD Partners I, in a release. “We are excited to have an opportunity to acquire and implement our franchise growth strategy with this beloved brand.”
Frisch’s Restaurants Inc. announced early this year that it has filed a civil lawsuit against a former assistant treasurer for allegedly embezzling a “currently estimated $3.3 million over a multi-year period. The lawsuit has not been settled.
The company operates 95 company-owned Frisch’s Big Boy restaurants, and there are an additional 26 franchised Frisch’s Big Boy restaurants, operating in in Ohio, Kentucky and Indiana. There are more than two dozen in the region.
The transaction is expected to close before the end of September.