The credit crunch seems to be impacting all types of private equity deals -- even small ones. Just look at the Landry's Restaurants Inc. (NYSE: LNY) transaction. The CEO, Tilman Fertitta, originally agreed to buy the company for $23.50 per share.

But now he's lowering the bid to $21 (for the 61% of the shares he does not own). That puts the deal at about $1.3 billion (when the debt is included). To evaluate the offer, Landry's has setup a special committee of independent directors, as well as retained Cowen and Co. (NASDAQ: COWN) as the financial adviser.

Landry's owns an assortment of brands, such as Landry's Seafood House, Willie G's Seafood & Steak House, and The Crab House. In Q4, the company posted revenues of $280.5 million, which was up from $272 million. However, there was a net loss of $1.9 million.

All in all, this should be a good deal for Fertitta. Over the years, he's demonstrated a good sense for value. And, with the price reduction on the Landry's deal, this looks like it could be a long-term winner for him.

In Friday's trading, Landry's stock spiked 17% to $17.91.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.