Fortress Investment Group has announced the appointment of Damola Adamolekun as chief executive officer of RL Investor Holdings, a new entity that is seeking bankruptcy court approval in the United States to acquire the Orlando, Florida-headquartered Red Lobster seafood restaurant chain. RL Investor Holdings was created by funds managed by affiliates of New York City-headquartered Fortress, alongside co-investors TCW Private Credit and Blue Torch.
Adamolekun is the former chief executive officer of P.F. Chang’s, where he led the casual dining restaurant chain’s in strategic initiatives ensuring its continued growth and success. Previously he was a partner at Paulson & Co., a New York-based investment firm and the principal owner of P.F. Chang’s.
Upon court approval of the Red Lobster Chapter 11 plan, Adamolekun will assume the reorganized company’s helm. It will continue to operate as independently, with 544 locations across 44 US states and four Canadian provinces.
“Red Lobster is an iconic brand with a tremendous future. I’m looking forward to working with our team members across North America to reinvigorate the brand by making it the best place to work for our employees and improving the experience for our guests,” said Adamolekun. “I want to thank all of my future colleagues at Red Lobster who have demonstrated extraordinary resilience and dedication to the franchise during the bankruptcy process. The company’s future is brighter now than ever before.”
Red Lobster, a major buyer of frozen fish and seafood from global suppliers, filed for protection under Chapter 11 of the US Bankruptcy Code in May of 2024.
“We’re excited to bring Damola on board to drive our investment plan for Red Lobster,” stated Fortress Managing Director Morgan McClure. “We have a strong track record of operating and improving iconic American restaurants, and Damola’s energy, leadership and experience will be key to restoring Red Lobster’s status as an iconic and admired American brand.”
Adamolekun holds a Master of Business Administration degree from Harvard Business School. He earned undergraduate degrees in Economics and Political Science from Brown University, where he was president of the Brown Investment Group and a member of the Brown Bears football team.
As of March 31, 2024, Fortress was managing $49 billion of assets on behalf of approximately 2,000 institutional clients and private investors worldwide. It has significant experience in the restaurant and hospitality industry, having backed SPB Hospitality, a leading operator and franchisor of full-service dining restaurants, spanning a national footprint of hundreds of restaurants and breweries.
In 2020, SPB Hospitality acquired Craftworks Holdings out of bankruptcy, taking over management of nine restaurant chains including Logan’s Roadhouse, Old Chicago Pizza & Taproom. In 2021, it acquired J. Alexander’s Inc., a publicly traded company with 47 restaurants and the J. Alexander’s and Stoney River Steakhouse brands.
