CHATTANOOGA, Tenn. (AP) - The oldest fast-food company in the
South is up for sale. Chattanooga-based Krystal has hired a broker to help market the 74-year-old company to potential buyers.
The chain has been owned for the past decade by a group of
Tennessee investors, who took the company private in a 108 (m)
million dollar buyout in 1997, but now want to capitalize on a
strong market for restaurants. There have been at least 27
acquisitions of restaurant businesses by private equity firms since
the beginning of 2005.
Founded in 1932, Krystal was begun by R.B. Davenport Junior and
J. Glenn Sherrill, whose families continued to own the business
until it went public in 1992.
Krystal has restaurants in Alabama, Arkansas, Florida, Georgia,
Kentucky, Louisiana, Mississippi, North Carolina, South Carolina,
Tennessee, Texas and Virginia.