Krystal Sold to Argonne Capital

Published on Monday, March 26, 2012

Written by The Editors

QSR burger chain will keep its Chattanooga, Tenn. headquarters.

Private equity firm Argonne Capital Group has purchased The Krystal Company, an 80-year-old restaurant chain specializing in burgers. Financial terms of the deal were not disclosed.

Krystal owns and franchises a total of 360 restaurants in 11 states throughout the South. The quick-serve chain opened 10 new company-owned restaurants this past year, and will continue with new store developments in 2012 and beyond, according to a company release. Officials also said the company's headquarters will remain in Chattanooga, Tenn.

Argonne's portfolio of restaurant companies includes more than 350 IHOP's, Applebee's and Stevi B's Pizza restaurants.