Raleigh Restaurant Group Makes Wilmington Buy
Posted March 31, 2008 1:34 p.m. EDT
Raleigh, N.C. — LM Restaurants Inc. said Monday it has purchased a group of Wilmington-area restaurant concepts from Atlantic Quest Corp.
The acquisition includes all five of Atlantic Quest's restaurants: Henry’s, Bluewater Grill, two Eddie Romanelli’s and The Oceanic Restaurant. LM will also manage AQ Catering, which caters from all five restaurants.
“We have been looking for the right opportunity to expand into the Wilmington market for some time now,” LM President Lou Moshakos said in a statement. “We believe this tremendous group of restaurants is just the right fit to grow the LM family group, and we are impressed with the management team already in place.”
LM is the parent company of the Carolina Ale House chain, Taverna Agora and Bentley's at Crossroads.
Becky O’Daniell, president of Atlantic Quest, will remain with the new LM team and will continue as a partner in running Henry’s and Eddie Romanelli’s.
With the acquisition, LM's projected sales for 2008 are expected to top $50 million. The company’s work force will grow to about 1,600.