seattletimes.nwsource.com/html/restaurants/2003639164_r -
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Published on: 3/28/2007
Last Visited: 4/11/2007
RUI Chief Executive and President Steve Stoddard said the company is profitable but hasn't been able to fund expansion from its cash flow.The company has only opened two restaurants in the past five years.
Sun Capital Partners specializes in buying "distressed companies," according to its Web site.
Stoddard said the buyout firm believes "we're simply underfunded."
"They're excited about buying an organization that has a lot more potential," he said."That's their view of our performance."
Restaurants Unlimited was started in 1969 with the Seattle steak and lobster house, The Red Baron.
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Stoddard said Sun Capital would provide RUI with the financial resources and operating experience to strengthen and expand its branded restaurants, including its latest concept, Pizzeria Fondi, which opened a test restaurant at Kent Station in late 2005.