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."
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.