Colorado’s Red Robin Gourmet Burgers Inc. has agreed to buy 17 Red Robin franchise restaurants in California for $47.5 million.
Based in Greenwood Village, Red Robin recently signed a non-binding letter of intent to acquire the assets. The letter also provides for an another $3 million to be added to the purchase price in 2008, if the acquired restaurants hit 2007 sales targets.
The restaurants included in the deal are owned by Top Robin Ventures Inc. of Fresno, Calif., and Morite of California, based in Santa Clarita, Calif. The restaurants generated $56.3 million in revenue for 2006, according to the owners.
Red Robin expects the deal to close in this year’s second quarter.
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