Carrols Restaurant Group Inc., which franchises Burger King restaurants, said Tuesday that two of its institutional investors are selling their shares to private-equity investment firm Jefferies Capital Partners.
Madison Dearborn Partners LLC and BIB Holdings (Bermuda) Ltd. are selling about 6.6 million shares of Carrols' stock, or approximately 30.4 percent of its outstanding shares.
BIB, a unit of Bahrain International Bank (E.C.), has held Carrols stock since 1996, while Madison Dearborn purchased its stake from BIB in 1997.
Madison Dearborn managing director Robin P. Selati and Bahrain International Bank general manager Olaseni Adeyemi Sonuga are expected to resign from Carrols' board when the transactions close. The board seats will be filled by Jefferies Capital president Brian Friedman and managing director Nicholas Daraviras.
The stock sales are set to close around July 2.
