The rapidly growing franchise concept has been acquired by Oak Hill Capital Partners for $525 million.
Tampa-based franchise concept Checkers & Rally's has new ownership - to the tune of a $525 million deal with Oak Hill Capital Partners. According to a recent article in the Tampa Bay Business Journal, this comes after nearly a decade of leadership under president and CEO Rick Silva who engineered the brands' turnaround with a focus on the importance of value, both to consumers and to franchisees.
"So many hardworking Americans rely on fast food to get through their day," Silva told the Tampa Bay Business Journal. "They’ve gotta do it on $3 to $5 on average. It fits into their lives in important ways. We live in that world, and we really understand who those folks are."
On the franchisee side, the company has grown substantially. With a goal of reaching 1,200 locations by 2020, the brand is expanding through the value provided by their modular buildings.
"I've got a company that is growing so quickly that our infrastructure is straining," he told the TBBJ. "We're hiring more people every day to help us help franchisees find great real estate and construct restaurants."
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