Management Group Buys Sizzler's U.S. Operations

A group of the chain's management, led by chief executive officer Kerry Kramp, has acquired fast-casual dining concept Sizzler's U.S. interests from Australia's Pacific Equity Partners.

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Sizzler U.S.A. owns or franchises 178 restaurants in the United States and Puerto Rico. Terms of the sale were not disclosed.

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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.

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