Skip to main content
Publish date:

Twin Cities restaurant group Parasole to be sold to equity fund

Parasole owns a number of Twin Cities eateries, including Manny's Steakhouse.
Author:

One of the Twin Cities' most prominent restaurant groups is being sold to a Minneapolis-based private equity fund.

Parasole Restaurant Holdings announced on Wednesday that it has entered into a purchase partnership with FS Funds, saying that the agreement will allow the group to grow.

Parasole accounts among its 14 Twin Cities restaurants the famous Manny's Steakhouse in downtown Minneapolis, with others including Salut Bar Americain, Pittsburgh Blue Steakhouse, Chino Latino, The Good Earth, Burger Jones, and Field Day.

"Our alliance with FS Funds offers Parasole the opportunity to continue to grow our brands and for Parasole to remain a Minnesota icon and restaurant industry leader for decades to come," said Parasole co-founder Phil Roberts.

FS Funds describes itself as a "private equity partnership known for buying strong businesses and enduring brands with a plan to hold them permanently."

Follow Bring Me The News on LinkedIn

The principals of the fund own four Original Pancake Houses, in Edina, Eden Prairie, Burnsville, and Roseville.

Parasole has said that the purchase will not result in any changes in its gift card program.

"Be assured that any friends, family members or colleagues that are holding Parasole Card will continue to be accepted at all Parasole Restaurant Outlets," the statement said.

Next Up

Screen Shot 2021-11-25 at 7.53.37 AM

Another 5,000 lbs. of goldfish removed from Carver County lakes

It all likely stemmed from people dumping their pets into local waters a few years ago.

Rosaleia Shelton

Appeal to find 19-year-old missing from Bloomington

The teen left her home on Monday afternoon.

hospital, emergency room

Deaths of twin fetuses after woman was shot ruled a double homicide

The woman was shot in the abdomen in mid-September.

Payton Willis / Gopher Basketball

Gophers improve to 5-0 with win over Jacksonville

The Gophers are establishing momentum early in the season.

Anthony Edwards

Ant's massive slam leads Timberwolves to fifth straight win

The dunk didn't count, but provided the highlight of the night.

Cam Talbot / Minnesota Wild

WIld arrive late, Cam Talbot stays on point to beat Devils

Despite a 30-minute delay, the Wild picked up a 3-2 victory.

Screen Shot 2021-11-24 at 4.10.54 PM

Appeal to find 35-year-old missing from Oak Grove home

Police say he's not believed to be in danger.

vote, election

7 MN Republicans urge states to audit 2020 election results

There has been no evidence of significant fraud in any single U.S. state.

child vaccine pexels

How many MN kids age 5-11 have received a COVID vaccine dose?

The governor says the state has one of the highest child vaccination rates in the U.S.

police lights

Seven juveniles arrested in connection with stolen vehicles in Woodbury

Woodbury authorities have issued a warning following a spate of auto thefts.

police lights squad car dark - Unsplash

1 dead after driver crashes into stalled vehicle on shoulder

The vehicle stopped on the side of the road was unoccupied at the time.

Related

Screen Shot 2020-05-24 at 2.18.26 PM

Fig & Farro the latest Twin Cities restaurant to close permanently

The plant-based eatery said there's too much uncertainty in the industry.

Screen Shot 2020-02-12 at 11.43.48 AM

Here are the Twin Cities restaurants, chefs who won Charlie Awards

The annual event honors achievement in the Twin Cities restaurant community.

Screen Shot 2019-02-27 at 11.43.18 AM

13 Twin Cities restaurants, chefs nominated for James Beard Awards

Just remember this the next time someone complains about Midwestern food.

Moose and Sadie's

Moose and Sadie's the latest Twin Cities restaurant to close

The coffee shop and cafe has become a fixture of the North Loop.

peanut-butter-sandwich-4546397_1280

Coronavirus: These Twin Cities restaurants are offering free food for kids

The restaurant industry is stepping up as schools shut down.

Ann Kim

3 Twin Cities chefs are James Beard finalists, but restaurants miss out

No Minnesota chefs or eateries are up for national awards.

Screen Shot 2021-02-17 at 6.41.38 PM

Acclaimed Minneapolis restaurant Burch will not reopen

The Lowry Hill steakhouse will not return from its COVID-related closure.