Buyout of restaurants completed

By Andrew Gomes
Advertiser Staff Writer

A Los Angeles-based private investment firm completed its buyout of 85 mostly local Pizza Hut and Taco Bell restaurants from the Hong Kong-based owner of Theo H. Davies & Co. Ltd.

Brentwood Associates partnered with local Theo Davies management and Greg Dollarhyde, the former president of Baja Fresh Mexican Grill, to make the purchase, which also included two Long John Silver/A&W All American Foods restaurants on O'ahu.

The purchase price was not disclosed. All 2,289 restaurant employees have been promised substantially the same pay and benefits.

Dollarhyde will serve as executive chairman of the new company, TD Food Group Inc. Henry Katsuda, a 22-year Theo Davies employee, is TD Food's president and chief executive officer.

The sale completes the sell-off of Theo Davies, a Hawai'i conglomerate that used to be one of the state's Big Five businesses. Seller Jardine Matheson Holdings Ltd., an $8 billion British trading firm based in Hong Kong that acquired Theo Davies in 1973, earlier sold its Theo Davies luxury automobile dealerships and a heavy-equipment distributor.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.