New York - After announcing that it had hired Goldman Sachs to help explore a sale of the company in January, restaurant and nightlife guide publisher Zagat announced on Friday that it has discontinued its search for suitors and will instead pursue an "organic growth strategy."

Founders Tim and Nina Zagat had hoped to fetch $200 million, according to reports.

"Over the past five months, we have carefully evaluated a wide range of opportunities to accelerate the growth of our business and have spoken with a number of potential partners," the Zagats said in a statement.

"While we considered some very attractive options, given our Company's strong performance and continued momentum, and in light of the current economic climate, we have decided to continue to grow our business organically.

"We see tremendous untapped potential in our ZAGAT.com and ZAGAT.mobi businesses, among other areas, and we will be moving forward with a series of initiatives to capitalize on these opportunities."

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