Tony Packo’s Inc., a notable East Toledo restaurant chain known for its Hungarian hot dogs and chili sauce, no longer will be owned by the Packo family.
But two of the current owners, Tony Packo, Jr., president, and his son, Tony Packo III, executive vice president, are to be involved in running the company.
Bob Bennett, offering the highest of three bids for the company, was awarded the purchase Thursday by Lucas County Common Pleas Judge Gene Zmuda. Mr. Bennett, who owns 26 area Burger King restaurants, offered $5.5 million in cash under the name of TP Foods LLC.
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After the court hearing, Mr. Bennett told The Blade that Mr. Packo Jr. and Mr. Packo III would help run the restaurant chain.
The company, which has been operated by a receiver since last summer after a family dispute and an effort by Fifth Third Bank to collect on a $2.6 million loan, has been half owned by Tony Packo Jr. and Tony Packo III. The other half has been held by Robin Horvath, a cousin and a company executive.
Mr. Horvath’s bid, under the Nancy Packo LLC, offered $4 million in cash. The Packos presented the third bid, offering $3.1 million. The Packos’ bid was withdrawn at the last minute.
Mr. Horvath could not be reached immediately after the hearing for comment. He sued his cousins a year ago, with a goal of seizing control of the company.
Tony Packo’s Inc. began in 1932.