Fortress is seeking court approval for RL Investor Holdings LLC to acquire Red Lobster out of bankruptcy
NEW YORK & DALLAS--(BUSINESS WIRE)--Aug. 26, 2024--
Fortress Investment Group today announces the appointment of Damola Adamolekun as CEO of RL Investor Holdings LLC.
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Damola Adamolekun, CEO of RL Investor Holdings LLC, a new entity that is seeking bankruptcy court approval to acquire from Red Lobster Management LLC and its direct and indirect operating subsidiaries (“Red Lobster” or “the Company”), the Red Lobster® restaurant chain. RL Investor Holdings LLC has been created by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”), alongside co-investors TCW Private Credit and Blue Torch. (Photo: Business Wire)
RL Investor Holdings LLC is a new entity that is seeking bankruptcy court approval to acquire from Red Lobster Management LLC and its direct and indirect operating subsidiaries (“Red Lobster” or “the Company”), the Red Lobster® restaurant chain. RL Investor Holdings LLC has been created by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”), alongside co-investors TCW Private Credit and Blue Torch.
Upon court approval of the Red Lobster Chapter 11 plan, Damola Adamolekun will become CEO of the reorganized Company.
Red Lobster will continue to operate as an independent company, with 544 locations across 44 U.S. states and four Canadian Provinces.
“Red Lobster is an iconic brand with a tremendous future. I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests,” said Mr. Adamolekun. “I want to thank all of my future colleagues at Red Lobster who have demonstrated extraordinary resilience and dedication to the franchise during the bankruptcy process. Red Lobster’s future is brighter now than ever before – I cannot wait to get started on our investment plan, and to get out and meet diners across the USA and Canada.”
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” added Morgan McClure, Managing Director at Fortress. “Fortress has a strong track record of operating and improving iconic American restaurants, and Damola’s energy, leadership and experience will be key to restoring Red Lobster’s status as an iconic and admired American brand.”
About Damola Adamolekun
Damola Adamolekun is the former Chief Executive Officer of the global restaurant chain P.F. Chang’s, where he led the company in strategic initiatives ensuring the continued growth and success of one of the most important hospitality brands in the world.
Mr. Adamolekun also previously served as Chief Strategy Officer at P.F. Chang’s and as a Partner at Paulson & Co., a New York based investment firm and the principal owner of P.F. Chang’s, where he played a vital role in the sourcing and subsequent management of several of the firm’s largest investments.
Mr. Adamolekun has been featured in numerous publications including Forbes, Fortune, Business Insider, Fox Business, Bloomberg News, Yahoo Finance, CNBC, Nation’s Restaurant News, Time Out New York, New York Business Journal, and the Harvard Business Review.
Previously, Mr. Adamolekun has worked in the Investment Banking Division of Goldman Sachs and as a Private Equity Associate at TPG Capital. Mr. Adamolekun has served on the board of P.F. Chang’s, Inday, the National Restaurant Association, and International Tower Hill Mines (NYSE: THM).
In 2021, Mr. Adamolekun was recognized with three GLOBEE Leadership Gold awards for CEO of the Year: Food and Beverage, CEO of the Year: Hospitality, Travel, Recreation, Leisure, and Top CEO of the Year: The Rising Star, as well as a GLOBEE Leadership Silver award for CEO Achievers: Transformational Leader of the Year, while in 2022 he was named in Nation’s Restaurant News’ Power List among the most innovative and inspiring leaders in the restaurant industry.
Mr. Adamolekun received a Bachelor of Arts in Economics and Political Science from Brown University, where he served as President of the Brown Investment Group and was a member of the Ivy League champion Brown Football team, and a Master of Business Administration from Harvard Business School, where he served as Portfolio Manager for the HBS Investment Club.
Fortress’s experience in reviving iconic American restaurants
Fortress has significant experience in the restaurant and hospitality industry. Fortress-backed SPB Hospitality is a leading operator and franchisor of full-service dining restaurants, spanning a national footprint of hundreds of restaurants and breweries.
In 2020, SPB Hospitality acquired Craftworks Holdings out of bankruptcy, taking over management of nine restaurant chains including Logan’s Roadhouse, Old Chicago Pizza & Taproom. In 2021, SPB Hospitality acquired J. Alexander’s Inc., a publicly traded restaurant company with 47 restaurants and the J. Alexander’s and Stoney River Steakhouse brands.
Today, SPB Hospitality’s diverse portfolio of restaurant brands includes Logan’s Roadhouse, J Alexander's, Stoney River, Old Chicago Pizza & Taproom, and a collection of restaurant-brewery brands, including Rock Bottom Restaurant & Brewery and Gordon Biersch Brewery Restaurant.
SPB Hospitality also operates a collection of specialty restaurant concepts including ChopHouse & Brewery, Big River Grille & Brewing Works, AIA Ale Works Restaurant & Taproom, Ragtime Tavern Seafood & Grill, and Seven Bridges Grille & Brewery.
In July 2024, SPB Hospitality acquired the Amada and Village Whiskey brands, conceived and run by James Beard Award-winner, entrepreneur, and food innovator, Chef Jose Garces.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49.0 billion of assets under management as of March 31, 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. Visit fortress.com to learn more.
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Mark Lane, Fortress Investment Group, cell +1 917.842.4228
Source: Fortress Investment Group
