Sentinel, which will be TGI Fridays’ majority shareholder, has previous experience in the sector through Checkers/Rally’s, Newk’s Eatery, Church’s Chicken, Huddle House and Southern California Pizza Company.
Carlson has been looking at ‘strategic alternatives’ for TGI since November last year.
TGI opened its first restaurant in New York in 1965, with Carlson taking ownership a decade later when the company had expanded to 12 sites.
It has since grown to more than 900 restaurants across 60 countries, and reported sales of $2.7bn last year.
Sentinel senior partner John McCormack said, “We are very excited to partner with TGI Fridays’ outstanding management team.
“TGI Fridays is an iconic global brand with a long history of solid performance and a significant opportunity for future growth.”
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