Sizzler USA operations acquired by management
June 10, 2011
by Bryan Salvage
CULVER CITY, Calif. – A management-led group has completed the acquisition of Sizzler’s US interests from Australia’s Pacific Equity Partners (PEP), which had owned both Sizzler’s United States and international operations since 2005, announced Kerry Kramp, Sizzler USA chief executive. Terms of the sale, which excludes the international operations, were not disclosed.
PEP acquired Sizzler USA, along with Sizzler’s international operations and other interests, from Worldwide Restaurant Concepts, which traded on the New York Stock Exchange.
The new ownership group includes Kramp, who will continue as CEO and president; Kevin Perkins as non-executive chairman; Jim Collins, who originally purchased Sizzler from founder Del Johnson in 1967; and a management team that Kramp describes as “some of the most talented, passionate and engaged leaders in the industry.”
Joining Sizzler as chief executive in June 2008, Kramp has spearheaded a turnaround effort that has resulted in three years of same-store sales increases. Founded in Culver City in 1958, the chain has revamped its menu, and now makes just about all of its food in-house from fresh ingredients. The chain is also is in the midst of a system-wide remodeling program.
“On the business side, we have turned around sales and eliminated our debt and underperforming units,” Kramp said. “In the restaurants, with the support of our franchise partners, we have dramatically improved the entire dining experience, serving fresh food with compelling flavors at reasonable prices with great hospitality.”
“I believed that Sizzler was very important to consumers back in the 1960s, and I believe it is just as important – and maybe more important – today,” said Jim Collins, 84, who is credited with growing the chain in the US and overseas.
Sizzler USA currently owns or franchises 178 restaurants in the US and Puerto Rico.