Sentinel to become the casual dining chain's majority shareholder.

In a deal expected to close by July 2014, Carlson has agreed to sell casual dining chain TGI Fridays Restaurants to Sentinel Capital Partners and TriArtisan Capital Partners. Financial terms of the transaction were not disclosed.

This marks the second restaurant-related acquisition in recent months for Sentinel, which acquired Newk's Eatery in March.

TGI Fridays will continue to be run by its current management team, led by Nick Shepherd, president and CEO. This transaction represents the conclusion of a process Carlson launched in November of 2013.

Sentinel, who will be TGI Fridays' majority shareholder, has extensive restaurant and franchising investment experience, working with such brands as Checkers/Rally's, Falcon Holdings — a Church's Chicken franchisee, Huddle House, and Southern California Pizza Company — a Pizza Hut franchisee operating in the greater Los Angeles market.