SSG Capital Advisors said it acted as the investment banker to Saladworks in the sale of substantially all of its assets to an affiliate of Centre Lane Partners. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware and closed in June 2015.

Saladworks, the nation’s first and largest fresh-tossed salad franchise concept operates over 100 franchise locations throughout the U.S. and internationally. The company was founded in New Jersey in 1986 and began franchising in 2001. Saladworks remains the leader in the made to order, entree sized salad category with a health conscious consumer base that lends itself to a fast casual atmosphere.

Saladworks had a stable 29-year financial history; however the company filed for Chapter 11 protection in February 2015 following years of litigation with a minority shareholder and certain lenders. The litigation made it impossible to sell additional franchises, restructure, find a buyer or execute the company’s growth plan. SSG was retained as the company’s investment banker for the purpose of marketing the business for sale and soliciting offers. SSG conducted a comprehensive marketing process which resulted in a wide range of interest from potential strategic and financial buyers and ten stalking horse offers were received. Centre Lane’s offer was ultimately deemed to be the highest and best price.

Centre Lane is focused on making equity and debt, control and non-control, investments in North American middle market companies.