Skip to main content

Twin Cities restaurant group Parasole to be sold to equity fund

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

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 2023-01-27 at 7.45.44 PM

Tyre Nichols: Initial police version of events bear similarities to George Floyd killing

Memphis PD said Nichols complained of 'shortness of breath' following 'confrontations' with police, who in reality violently beat him.

George Floyd, protest

Twin Cities authorities preparing for community reaction to Tyre Nichols video

The ATF division in St. Paul sent out an alert out of "an abundance of caution."

Screen Shot 2023-01-27 at 2.12.05 PM

Changes at K102's Chris Carr & Company, with Sam Sansevere joining as co-host

She is the daughter of former KQRS morning show personality Bob Sansevere.

Screen Shot 2023-01-27 at 1.16.21 PM

Minneapolis' Royal Foundry Craft Spirits announces closure

The distillery set out to infuse the Minneapolis craft cocktail scene with British flavor.

ShutterflyGoogle

Shutterfly to cut almost 100 jobs at Shakopee facility

The layoffs are expected to impact multiple positions within the company.

millcitymuseum_hr1

Mill City Museum in the running to be named best history museum in the U.S.

The museum offers scenic views of the Mississippi River.

HolmgrenMugRamseyCo

Man charged with attempted murder of White Bear Lake police officer

Daniel Holmgren Jr., 33, was being served an arrest warrant at the time of the incident.

image

Gallery: 1,000-acre Wisconsin resort listed for nearly $4.3M

The lush landscape features a creek and private lake.

school bus

Alert after Woodbury students approached by strangers asking if they want candy

Valley Crossing Elementary School urged parents to go over safety information with their children in response to the incident.

basketball unsplash stock

North St. Paul basketball cancels Eden Prairie game after opposing coach's reinstatement

Head Coach Cornelius Gilleylen said he let his players decide amongst themselves.

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 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.

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.

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.

The Bird Minneapolis

After closing for January, Loring Park restaurant will shutter for good

The Bird was the latest attempt by the Bartmann Group to make it work in the Harmon Place space.