Sun Holdings, a restaurant manager and one of the nation’s largest franchisees of chains like Burger King and Popeyes, has acquired Bar Louie and its 39 gastropub locations through bankruptcy court.
Terms of the deal were not disclosed. Dallas-based Sun Holdings purchased the chain through its affiliate Louie Restaurants, the company said on its website.
Sun Holdings President and CEO Guillermo Perales said in a statement that the deal “marks an exciting step forward in our growth strategy” with Bar Louie’s “signature martinis and distinctive brand” making it a strong addition to Sun Holdings’ casual dining portfolio.
Sun Holdings did not immediately respond to a request from CoStar News for additional details of the deal.
The acquisition comes seven months after Bar Louie filed for Chapter 11 bankruptcy protection, citing a shift in consumer preferences and rising food and labor costs, media outlets reported at the time. The filing came after Bar Louie abruptly closed what it considered some underperforming restaurants, including locations at The Shops at Park Lane in Dallas, in Nashville and in Detroit.
It was Bar Louie’s second bankruptcy filing since early 2020. In 2018, the Addison, Texas-based restaurant chain had more than 130 locations, according to Nation’s Restaurant News.
The addition of Bar Louie to Sun Holdings’ portfolio comes nearly a year after the firm added Uncle Julio’s and Freebirds World Burrito to its holdings.
In all, Sun Holdings manages a portfolio of more than 1,800 restaurants and retail locations. The company touts itself as being the second-largest franchisee group in the United States, with over a thousand Applebee’s, Arby’s, Burger King, Golden Corral, IHOP, McAlister’s Deli, Papa Johns, Popeyes and Taco Bueno locations.
Bar Louie was founded in Chicago in 1990. The gastropub is known for its martinis and bar snacks, including wings, pizza and burgers. The chain’s restaurant locations span 18 states, according to its website.