MARYVILLE, TN–(hospitalitybusinessnews.com)–Ruby Tuesday, Inc. today announced that it has completed the sale of the Lime Fresh Mexican Grill brand to EverFresh Endeavors for $4.6 million. The agreement includes the intellectual property rights and franchising rights for Lime Fresh Mexican Grill.
“Lime Fresh Mexican Grill is a strong brand with broad customer appeal. However, we believe focusing exclusively on the brand transformation of our namesake Ruby Tuesday restaurants is in our shareholders’ best interest. We are pleased to complete the sale of the Lime Fresh Mexican Grill, and we will continue to execute the Ruby Tuesday brand transformation,” said JJ Buettgen, Chairman of the Board, President, and CEO. “We wish EverFresh success as they take over the operation of the Lime Fresh brand.”
Ruby Tuesday acquired the Lime Fresh Mexican Grill brand including the brand’s intellectual property rights, the assets of seven company-owned restaurants and the royalties from five franchised restaurants in April of 2012. As the new owner of the Lime Fresh Mexican Grill Brand, EverFresh Endeavors will continue to expand the brand throughout the United States and abroad. EverFresh Endeavors is a joint venture between Triout Holdings, Mandala Holdings and Belmont Investment Corp. Collectively the group has extensive experience with restaurant operations, hospitality investment and development, and retail real estate.