SAN RAMON, Calif., Oct. 1 /PRNewswire/ -- The Sydran Group and its
affiliates today announced that they have entered into a definitive Asset
Purchase Agreement to sell their 226 BURGER KING(R) restaurants to Strategic
Restaurants Acquisition Corp., an affiliate of Cerberus California, Inc. The
Sydran Group operates BURGER KING(R) restaurants in Alabama, Arkansas,
California, Florida, Kansas City, Louisiana, and Mississippi. The transaction,
which has the support of Burger King Corporation, will be implemented through
a Chapter 11 case that was filed late today. Operations will continue without
interruption.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031014/BKLOGO )
Jerry Comstock, Chief Executive Officer of Strategic Restaurants, brings
30 years of experience in the food service and retail industries to this
acquisition. "I am very excited about my affiliation with the BURGER KING(R)
and WHOPPER(R) brands. Our goal is to marry the significant size and talent
base in this franchise group with our financial resources to provide great
service to our guests and value to our shareholders." Comstock adds, "BURGER
KING restaurants have for years served the best-tasting burgers in the
industry. The combination of new menu items with the gold standard of burgers,
the WHOPPER sandwich, makes for an unbeatable dining experience that caters to
every member of the family. We couldn't be happier about joining forces with
the team at Burger King Corporation and the former Sydran team."
Sydran Group's President and Chief Executive Officer, Matthew Schoenberg,
is pleased about the announced purchase agreement. "The agreement with
Strategic Restaurants represents the culmination of a four-year restructuring
effort with our major lenders and a year-long process to find a buyer for the
company. We have found the right buyer in Strategic Restaurants and the right
operator in Jerry Comstock. This agreement will strengthen and maximize the
value of the business and best serves the interests of our employees and
business partners and gives Burger King Corporation and our customers a strong
and proven operator for the future. Our commitment to our customers, vendors
and employees remain unwavering. We intend to quickly conclude the deal as the
centerpiece of the company's Chapter 11 plan."
"This is an important, positive step for our franchise system, and we are
very pleased to have an experienced leader like Jerry Comstock to help re-
energize these restaurants," said John Chidsey, President, Burger King, North
America. "We are pleased to have the capability and operating culture of
Strategic Restaurants added to our system, especially given their commitment
to invest much-needed capital into the restaurants. We expect to see positive
results from the reorganization, as we have seen elsewhere when new franchise
partners enter the system."
About Burger King Corporation
The BURGER KING(R) system operates more than 11,220 restaurants in all 50
states and in 60 countries and territories around the world. Ninety-one
percent of BURGER KING restaurants are owned and operated by independent
franchisees, many of them family-owned operations that have been in business
for decades. Burger King Holdings, Inc., the parent company, is private and
independently owned by an equity sponsor group comprised of Texas Pacific
Group, Bain Capital and Goldman Sachs Capital Partners. In fiscal year ending
June 30, 2003, Burger King Corporation had system-wide sales of $11.1 billion.
To learn more about BURGER KING, please visit the company's website at
http://www.burgerking.com .
About Sydran
Sydran is currently the second largest Burger franchisee. The Sydran Group
and its affiliates own and operate 226 BURGER KING restaurants in seven states
across the country. Sydran-BK Ventures own an additional 25 restaurants
located in the Central Valley of California. Headquarters for Sydran is in
San Ramon, California.
SOURCE Burger King Corporation
 back to top
Related links:
http://www.burgerking.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20031014/BKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/124650.html
CONTACT:
Myrna Schultz of Sydran, +1-925-328-3320; or
Steve DeSutter of Burger King Corporation, +1-305-378-7277
|
