Roark Capital Buys Il Fornaio, Corner Bakery Café--UPDATED

Atlanta-based buyout shop Roark Capital Group is buying Il Fornaio Corp., the owner of Corner Bakery Cafe and Il Fornaio restaurants and bakeries. Terms of the deal were not released. However, The combined proceeds from the sale of Il Fornaio Corp. and an earlier recapitalization represented a gross multiple of invested capital of approximately 5.7x and generated a gross IRR in excess of 22%. Based in Dallas, Il Fornaio has 119 restaurants across the U.S. Roark has more than $1.5 billion of equity capital under management.

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