FORMERLY PE OWNED
Bar Louie
casual dining · Addison, TX
- PE Firm
- Sun Capital Partners →
- Year Acquired
- 2010
Sun Capital bought a 43-location gastropub chain, expanded it to 134 on debt, then watched 38 locations close overnight when the bill came due.
What Happened
- Sun Capital Partners acquired Bar Louie in June 2010, when the chain had 43 locations: 36 corporate and 7 franchised
- Expanded aggressively to 134 locations, pouring its cash and borrowed money into new openings while existing stores were denied funds to renovate, by the company's own account in bankruptcy filings
- Filed Chapter 11 in January 2020, days after abruptly closing 38 locations, owing creditors about $110 million
- Sun Capital lost Bar Louie in April 2020, when lender Antares Capital took the chain in exchange for $82.5 million in debt it was owed
The Damage Done
- 38 locations closed abruptly in January 2020, just days before the chain announced its bankruptcy
- A gastropub concept that worked at 43 locations was stretched to 134 on borrowed money — the company's own bankruptcy filing blamed an 'inconsistent brand experience' for driving customers away
- Stores customers actually visited were denied renovation money while the chain chased new openings