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Is Smokey Bones Owned by Private Equity?

Not anymore — Smokey Bones was owned by Sun Capital Partners, which acquired it in 2008, but the firm has since exited. The effects of that ownership can linger.

FORMERLY PE OWNED

Smokey Bones

Includes Smokey Bones Bar & Fire Grill, Smokey Bones BBQ

casual dining · Aventura, FL

Year Acquired
2008

FAT Brands wanted to turn it into a sports bar, then went bankrupt and shut it down instead.

What Happened

  1. Darden closed about 54 Smokey Bones locations in 2007 and sold the remaining 73 to Sun Capital for $80 million — a fire sale by the company that runs Olive Garden
  2. Sun Capital held it for 15 years but never turned it around, eventually selling to FAT Brands in 2023 for just $30 million — a 63% loss
  3. FAT Brands didn't even want the restaurants — its stated plan was to convert Smokey Bones locations into Twin Peaks sports bars
  4. FAT Brands filed for Chapter 11 bankruptcy in January 2026 with roughly $1.3 billion in debt; by late April 2026 every remaining Smokey Bones location had closed

The Damage Done

  • Smokey Bones went from nearly 130 locations at its peak to zero, and the last restaurants shut down in late April 2026 with no advance notice to customers or employees
  • Your Smokey Bones gift card is worthless plastic now, and any refund means filing a bankruptcy claim behind the banks and the landlords

Sources

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What people ask

Is Smokey Bones owned by private equity?

Not anymore. Smokey Bones was formerly owned by Sun Capital Partners starting in 2008, but the firm has since exited. The effects of PE ownership often linger.

What happened to Smokey Bones after the acquisition?

Smokey Bones went from nearly 130 locations at its peak to zero, and the last restaurants shut down in late April 2026 with no advance notice to customers or employees Your Smokey Bones gift card is worthless plastic now, and any refund means filing a bankruptcy claim behind the banks and the landlords

Who owns Smokey Bones?

Smokey Bones is owned by Sun Capital Partners, which acquired it in 2008.

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