C.A. Muer owners fish for a buyer

Source: Crain’s Detroit Business So far, Houston-based Landry’s Seafood Restaurants Inc. has expressed interest publicly.

Chase Capital Partners, now a part of New York-based J.P. morgan Chase & Co., and Chicago-based Prism Capital Corp. in 1997 bought a majority interest in Southfield-based Muer for $44.35 million.

C.A. Muer owns 20 fine-dining and casual seafood restaurants, such as Charley’s Crab and Big Fish Seafood Bistro in Michigan and several other states.

Landry’s confirmed its interest to Crain’s last week.

“We have looked at C.A. Muer and are interested,” CEO Tilman Fertitta said in a statement. The company declined further comment. Landry’s in November bought Rainforest Cafe Inc. for $45 million.

J.P. Morgan Chase wouldn’t comment on Muer. Roger Zingle, CEO of Muer Corp., also wouldn’t comment.

Restaurants News last week cited industry sources close to the negotiations saying Muer was for sale.

An industry analyst said the recent merger of J.P. Morgan and Chase Capital could be a reason Muer is for sale.

“When companies merge, they often shed things that aren’t their main business,” said Jerry McVety, president of Farmington Hills-based McVety & Associates Inc., a division of HDS Services Inc.
Source: Crain’s Detroit Business