Cerberus acquires Garden Fresh

January 10, 2017

Cerberus Capital Management LP will acquire Garden Fresh Restaurant Corp. out of bankruptcy, after two other buyers backed out of potential deals for the owner of Souplantation and Sweet Tomatoes, the operator said Monday.

Terms of the deal were not disclosed, but Cerberus was among several lenders to whom Garden Fresh owed more than $175 million, according to bankruptcy filings.

The sale to Cerberus, a distressed debt investor and private-equity firm, paves the way for Garden Fresh to emerge from bankruptcy “with between 90 and 104 restaurants.”

“This challenging, but necessary, process has created a stronger financial foundation,” John Morberg,