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Frisch’s Restaurants, Inc.

Owned and operated 29 Golden Corral Buffet & Grill restaurants in Ohio, Kentucky, Indiana, Pennsylvania and West Virginia. Frisch’s is best known for its trademark Frisch’s Big Boy full service family-style restaurants, with 120 restaurants throughout the Midwest including 25 franchised locations.

Engagement Process and Outcomes

Nature of the Assignment – Frisch’s was looking to divest its Golden Corral restaurants in order to focus its development efforts and capital on its core Big Boy concept. Brookwood Associates was hired as Frisch’s exclusive advisor to run the sale process. Brookwood contacted over 100 financial and strategic buyers, and also solicited separate sale/leaseback proposals to maximize the value of the company’s 22 fee simple properties.

Excellent Result – Brookwood highlighted the Golden Corrals’ improving operational performance, significant real estate holdings and tenured regional management team. As a result, a number of compelling offers were received for the Golden Corrals. Brookwood’s competitive marketing process drove a meaningful increase to the final purchase price from the initial indications received and maximized proceeds to Frisch’s shareholders. The company was sold to Golden Corral Corporation at an attractive price through their right of first refusal.

Press Release Excerpt

We are pleased to announce that Brookwood Associates has advised Frisch's Restaurants, Inc. (NYSE MKT:FRS) ("Frisch's"), a multi-concept operator, on the divestiture of the company's 29 Golden Corral Buffet & Grill restaurants to Golden Corral Corporation. Brookwood's makrting process emphasized the improving operational performance, significant real estate holdings, and tenured regional management team.

The sale represents an important milestone for the Company as they continue to evaluate value enhancing strategies for Frisch's shareholders. In addition, the transaction highlights Brookwood's deep knowledge and experience within the family dining segment as well as the broader restaurant industry.