Krystal Restaurants LLC has been acquired by funds managed by affiliates of Fortress Investment Group LLC (Fortress) and its operating partner, Golden Child Holdings, the company Friday announced in a press release.
“The new partnership is excited to continue growing the brand, maintaining an overriding focus on enhancing customer experience,” Angela Johnson, VP of marketing for Krystal Restaurants, LLC, said in the release.
“Even during this unusual time, our iconic brand continues to perform well and we see exceptional opportunities for growth looking ahead.”
Krystal filed for bankruptcy in January 2020, and as part of the reorganization process, the
company was marketed for sale, with Fortress emerging as the successful acquirer of the
business.
Both Fortress and Golden Child have strong ties to Atlanta, the South and the Krystal brand.
Founded in 1998, Fortress Investment Group is a global investment manager with offices in
Atlanta and approximately $43.5 billion of assets under management (as of Dec. 31, 2019).
Golden Child is an active investor and manager in the restaurant sector and has extensive
turnaround experience.
Effective immediately, Thomas Stager, will take over operations as President.
Mr. Stager replaces former President and COO Tim Ward, who along with former CFO Bruce Vermilyea, is no longer with the Company.
Had no idea Krystal was in trouble.
I never understood the appeal, but I thought it had a huge fan base.