It’s official. Private-equity firm Bain Capital is acquiring Sizzling Platter, one of the nation’s largest multi-brand franchise operators.
Sizzling Platter on Monday announced that affiliates of Bain Capital intend to offer $500 million in secured notes to fund the acquisition from CapitalSpring, which was reported earlier this year.
The affiliate, BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer Inc., plan to use the proceeds, along with borrowing under a new credit facility and equity contributions. The deal includes the repayment of Sizzling Platter’s existing debt and related fees and expenses.
Salt Lake City-based Sizzling Platter is the operator of more than 750 restaurants across eight brands, including Little Caesars, Jamba, Wingstop, Dunkin’, Jersey Mike’s, Cinnabon, Red Robin and Sizzler.
The largest of the brands the group operates is Little Caesars. Sizzling Platter has about 450 units in the U.S. and Mexico.
Bain Capital, meanwhile, is a longtime investor in the restaurant industry. In 2023, the firm bought Fogo de Chao, and has had holdings in Bloomin’ Brands, Dunkin’ and Domino’s.
Earlier this year, Bain agreed to acquire the Japanese supermarket chain Seven & i, which is also a Denny’s franchise operator, for about $5.5 billion.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.