Sizzling Platter, a restaurant franchise growth platform, partnered with Bain Capital to accelerate its expansion. The investment is being made by Bain Capital North American Private Equity, which is acquiring the business from CapitalSpring. Sizzling Platter will continue to be led by CEO Nathan Garn. Financial terms of the private transaction were not disclosed.
“This is a pivotal milestone for Sizzling Platter as we look to build on more than six decades of delivering unparalleled experiences for our team members, guests, and brand partners,” Garn said. “Bain Capital’s extensive experience investing in growing restaurant businesses makes it the right value-added partner to help expand our platform. The extraordinary scale we’ve achieved—and this transaction itself—would not have been possible without the strength, relevance, and enduring appeal of the exceptional brands we are fortunate to grow in. Together, we have an aligned vision on how we can continue to innovate and lead in a rapidly evolving industry.”
“With an exceptional portfolio of category defining brands, deep operational expertise and a proven track record of profitable growth, we believe that Sizzling Platter is uniquely positioned to continue to scale as a global leader in franchising,” Adam Nebesar, a partner at Bain Capital, said.
“We are excited to partner with Nate and the team to build on its strengths and long-term brand partnerships to enhance capabilities and accelerate growth,” Mark Saadine, a managing director at Bain Capital, said.
“Nate and the Sizzling Platter team have been tremendous partners as we navigated the pandemic and executed on a multi-pronged growth strategy to double the company’s footprint,” Erik Herrmann, partner, head of investment Group at CapitalSpring, which has owned Sizzling Platter since 2019, said.
“The accelerated growth we achieved working with the management team was driven by a focus on organic growth in our existing brands and investments in the company’s infrastructure to support new unit development, acquisitions and the addition of new brands to the platform,” Kaivon Abrishami, managing director at CapitalSpring, said.
BofA Securities acted as lead financial advisor, and Kirkland & Ellis acted as legal counsel to Bain Capital. UBS Investment Bank acted as lead financial advisor, and Proskauer Rose acted as legal counsel to Sizzling Platter and CapitalSpring. Deutsche Bank and North Point also served as financial advisors to Sizzling Platter and CapitalSpring. UBS Investment Bank, Jefferies, Deutsche Bank Securities, HSBC, BNP Paribas, KKR Capital Markets, Mizuho, RBC Capital Markets, Santander, Stifel and Wells Fargo Securities provided committed debt financing for the transaction and financial advisory services to Bain Capital.
