Leader in quick service industry announces sale for $525 million
Tampa-based franchise Checkers Drive-In Restaurants Inc. has experienced incredible growth over the last eight years - to the tune of 700-basis-point improvement in profits, according to a recent Nation's Restaurant News article - and that growth and success fueled the company's sale to Oak Hill Capital Partners for $525 million.
“We’ve been on a journey for 10 years,” Rick Silva, CEO of Checkers, told Nation’s Restaurant News. “We’re driving topline sales, improving restaurant profitability and adding new restaurants to the system. This is really one more step on a long, successful journey. The exciting part is still to come.”
According to Silva, the sale is going to spark even stronger continued growth beyond the brand's current more than 840 locations. Same store sales are up 3.5 percent so far in 2017 and Silva told NRN that the ROI for franchisees is strong.
“For a very low investment, in return you get average unit volumes of $1.2 million,” Silva told NRN. “That’s very exciting for franchisees.” For Silva and the Checkers brand, the future is bright. “We have a tremendous amount of momentum. Oak Hill is smart for joining at this time," he added to NRN.
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