Lexington-based Greer Cos. has sold its 44 Cheddar’s Casual Café franchises to its parent company, Cheddar’s Scratch Kitchen.
According to a news release, the Irvin, Texas-based chain is part of a restaurant brand portfolio owned by L Catterton and Oak Investment Partners.
Greer Cos., founded by local entrepreneur and real estate developer Phil Greer, was the largest franchisee in Cheddar’s 164-unit system.
Terms of the deal were not disclosed.
“Greer Companies have always been an important part of Cheddar’s Scratch Kitchen, so our decision to officially bring them into our corporate family was a natural next step,” Ian Baines, president and CEO of Cheddar’s Scratch Kitchen, said in the release. “We look forward to continuing to provide the great hospitality that the Greer Companies offered for so long.”
In addition to Cheddar’s, Greer Cos. is a franchisee of Marriott and Hilton hotels. Locally, the family built and operated the large and lavishly designed Coba Cocina restaurant until closing it last year.
A Kentucky native, Greer played football at the University of Kentucky in the 1960s, and taught and coached at Tates Creek High before becoming a real estate developer. He is the company’s CEO, and his son, Lee Greer, is its president. Along with executive vice president of operations Steve Pottinger, they ran their Cheddar’s restaurants for more than 20 years in seven different states. The restaurant group employed 6,500 team members.
“We’re pleased to know that Cheddar’s Scratch Kitchen will continue the Greer Companies’ legacy of doing right by people for years to come,” Phil Greer, said in the release. “We’re looking forward to watching the brand continue to shine and know that our team members and our guests will continue to experience exceptional service, which brings us great pride.”