TGI Fridays Seeks Global Growth via Acquisition

TGI Fridays aims to expand its international presence via an acquisition by its largest global franchisee, Hostmore plc. The casual-dining brand announced the deal today, April 16, and expects it to close in Q3/24.

TGI Fridays reported $1.4 billion in total systemwide sales in 2023. Once the deal is complete, the new combined entity would be named TGI Fridays plc and listed on the London Stock Exchange as TGIF.

U.S. and global operations of the brand will remain in Dallas under the leadership of CEO Weldon Spangler, the release says. Additionally, the combined entity would have 189 corporate-owned restaurants in the U.S. and the U.K. for a total of nearly 600 restaurants across 44 countries.

“We have been laser focused on revitalizing the brand and driving growth through consumer-centric offerings, the optimization of our restaurant portfolio and the addition of senior team members,” says Spangler in a statement. “This transaction represents the next step in our journey as it increases our corporate-owned restaurant locations and provides capital to expand our presence globally.”

Along with Spangler, Ray Risley, U.S. president and COO, and Nik Rupp, president of international markets and CFO, joined TGI Fridays’ leadership team in the past year.

U.S.-based private equity firm TriArtisan Capital Advisors controls TGI Fridays, as well as has ownership stakes in P.F. Chang’s, C3 and Hooters of America.