According to a report from CNNMoney, Darden Restaurants agreed to sell Red Lobster to Golden Gate Capital for $2.1 billion on Friday. The sale comes as Red Lobster’s same-stores sales in the United States fell 8.8 percent during the first three months of 2014.

The Associated Press notes that Red Lobster has been struggling to compete with places like Chipotle and Panera, where consumers feel they can purchase great food for a lower price and less wait time.

Regardless of past struggles, Golden Gate capital sees an opportunity in working with an established brand.

“Red Lobster is an exceptionally strong brand with an unparalleled market position in seafood casual dining,” said Josh Olshansky, Managing Director at Golden Gate Capital, in a statement released by Darden Restaurants.  “Red Lobster is exactly the type of company in which we seek to invest given its great brand profile and strong management team.  We see significant opportunities for future growth by partnering with Kim Lopdrup and the management team to support the long-term success of Red Lobster.”

According to The AP, Red Lobster opened in 1968 and today has approximately 700 locations in the U.S. and Canada. Darden Restaurants also owns Longhorn Steakhouse and Olive Garden.

Bloomberg says the company plans to refocus its efforts on turning Olive Garden around, which has also seen a sales decline.

Was spending $2.1 billion to purchase Red Lobster a good decision for Golden Gate Capital? Share your thoughts in the comments section.