The Krystal Company today announced that it is exploring a possible sale of the company.
It operates 364 company-owned and franchised restaurants in 11 states across the Southeast.
Piper Jaffray Companies, a middle-market investment bank, has been engaged to assist in the process.
“Having seen the company through significant growth since 1997, the board feels that now is the appropriate time to seek a new investor to help take the company to the next level,” says Fred Exum, president and CEO of the Krystal Company.
“The brand is well-positioned to continue its momentum and further leverage its historical equity and strong operational performance, presenting a compelling opportunity for a new financial sponsor.
“We have been extremely successful over the last 14 years, which is primarily due to the hard work of all levels of our management team,” Exum says.
“This is an exciting time for the entire family of Krystal stakeholders, over 7,000 employees and our franchisees. The target is to deliver an attractive exit for current shareholders who have been tremendously supportive over the past fourteen years, while also establishing a solid platform for our employees to further expand the brand by continuing to serve our loyal customers.”
The brand, made famous by its small burgers, was established in 1932 and is headquartered in Chattanooga, Tennessee.