Marugame Udon investor awaits Aug. 17 hearing on sale of 4-unit Austin restaurant group
Hargett Hunter Capital Management LLC, an investor in the Marugame Udon concept, emerged last week as the lead bankruptcy court bidder for the four-unit Trudy’s Texas Star Inc. and awaits an Aug. 17 hearing for approval.
Hargett Hunter bid $6.5 million for the Austin, Texas-based Trudy’s, offering $4 million for real property, licenses and permits and $2.5 million for personal property and assumed contracts
Trudy’s Texas Star filed for Chapter 11 protection Jan. 22 in the U.S. Bankruptcy Court for Texas’ western district, citing assets of $1 million and $10 million and liabilities in the same range. Among the 20 largest creditors were lien holders with claims as high as $1.7 million, the Internal Revenue Service at nearly $1.4 million and food supplier Sysco at more than $1 million, court filings showed.
Hargett Hunter was named the lead bidder in a bankruptcy court auction on June 23, with Lufkin, Texas-based Steiner Steakhouse LLC as the backup bidder. The court will rule Aug. 17 at an online webcast hearing.
Hargett Hunter Capital Management was founded by Jeff Brock, who also is a co-founder of the separate Raleigh, N.C.-based Hargett Hunter Capital Partners LCC that owns the seven-unit Bellagreen (rebranded from the former Ruggles Green) and 15-unit ChopShop. Hargett Hunter Capital Management has investments in Marugame Udon and other restaurant brands.
Trudy’s was founded in 1977 and operates three Trudy's units and the South Congress Café in Austin, Texas.
Brock, Hargett Hunter's managing partner, told the Austin Business Journal that the firm planned to invest in stabilizing operations at Trudy’s. The deal does not include a closed Trudy’s unit in Dripping Springs, Texas.
Correction July 29, 2020: This story has been edited to clarify the separation of the two Hargett Hunter companies.
Contact Ron Ruggless at [email protected]
Follow him on Twitter: @RonRuggless
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