Highland Capital Management has put Tony Roma’s up for sale, sources say.
Five bidders, a mix of strategics and private equity, are vying for the company, one person said. Houlihan Lokey is advising. The auction began one month ago, the source said.
One banker said the sale of Tony Roma’s is a small deal. The company has less than $20 million EBITDA, the banker said. A strategic is expected to acquire Tony Roma’s, the first source said.