Sizzler U.S.A. owns or franchises 178 restaurants in the United States and Puerto Rico. Terms of the sale were not disclosed.
The 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 other members of the management team.
PEP acquired Sizzler USA from Worldwide Restaurant Concepts in 2005 as part of a dealer that included the chain's international operations and other interests.
The deal comes during a time when Sizzler is in the midst of a systemwide remodeling initiative and after the chain has experienced three years of same store sales increases, according to a company release.
"We are charting a new course that honors Sizzler's past, while positioning it for the next 50 years," Kramp added.