Ruby Tuesday Buys Miami Chain, Plans Expansion
Lime Fresh Mexican Grill will be gobbled up today in a $24 million cash deal eight years after John Kunkel founded it in South Beach. While Kunkel will step down as CEO, he will remain involved with the brand’s growth. Kunkel’s Miami-based 50 Eggs Restaurant Group will retain ownership of the original South Beach Lime location as a franchisee and that store will continue to serve as a model for franchisees and new product tests. Lime has 16 stores, including nine in Miami-Dade and Broward counties. Ruby Tuesday had first entered into a licensing agreement with Kunkel about a year and a half ago, which gave it the rights to expand Lime nationally.