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NC Private Equity Firm Buys Trudy’s Eateries in Bankruptcy
Hargett Hunter Capital Management, a private equity firm headquartered in Raleigh, NC, will pay $6.5 million for Trudy’s Texas Star after winning an auction in bankruptcy court last week, Restaurant Business reported. Trudy’s operates three locations in Austin, along with the South Congress Café.
The 43-year-old company declared bankruptcy in January. Cash flow and financing challenges during the coronavirus pandemic ultimately led the company to decide on a sale through bankruptcy court.
Trudy’s could not come to an agreement with either of two potential bidders before a judge in May ordered the company to speed the sale process, according to Restaurant Business.
That order came at the request of one of the company’s creditors, after one of the chain’s locations caught fire last November. That location was closed, with a tarp covering a hole in the roof from the fire for several months.
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- ◦Sale/Acquisition
