Sonic Corp. announced multi-brand franchise organization Let’s Shake, led by restaurant industry veteran Sunil Dharod, purchased 53 SONIC Drive-Ins as part of the brand’s previously announced refranchising initiative.
Let’s Shake purchased the drive-ins from Sonic Restaurants, Inc., the company’s wholly-owned subsidiary that owns and operates 286 SONIC Drive-Ins. In 2016, the brand announced a refranchising initiative to move toward an approximately 95 percent franchised system. The sale of drive-ins in the San Antonio market is a key step in achieving that goal. As part of the sale, Let’s Shake also agreed to build five new drive-ins in the market over the next several years.
“With decades of restaurant franchisee experience in Texas, Sunil’s organization makes for a great partnership with SONIC,” says Drew Ritger, senior vice president of development for SONIC. “We anticipate strong leadership from Let’s Shake to provide stellar guest service and delicious SONIC food to consumers in the San Antonio market.”
“SONIC Drive-In is a household name in Texas, and we are honored to be able to add this great brand to our portfolio,” says Sunil Dharod, president of SSCP Management and Managing Member of Let’s Shake. “We look forward to continuing to bring SONIC’s American classics to our San Antonio guests.”
With the sale of San Antonio SONIC Drive-Ins to Let’s Shake, and other refranchising sales, the SONIC system is currently 92 percent franchised. The refranchising initiative is ahead of schedule with expectation to be complete by the third fiscal quarter of 2017.