Going Private • Restaurants

Wellspring Capital Management Acquires Checkers

On February 17, 2006, private equity firm Wellspring Capital Management acquired restaurant Checkers for 188M USD

Acquisition Context
  • This is Wellspring Capital Management’s 1st transaction in the Restaurants sector.
  • This is Wellspring Capital Management’s 4th largest (disclosed) transaction.
  • This is Wellspring Capital Management’s 13th transaction in the United States.
  • This is Wellspring Capital Management’s 2nd transaction in Florida.
Investment Fate
  • Checkers was sold to a consortium of financial buyers in 2014.
  • Checkers was sold to a consortium of financial buyers in 2017 for 525M USD.

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M&A Deal Summary

Date February 17, 2006
Target Checkers
Sector Restaurants
Buyer(s) Wellspring Capital Management
Deal Type Going Private
Deal Value 188M USD

Target Company

Checkers

Tampa, Florida, United States
Checkers is a double drive-thru restaurant chain in United States. The company develops, owns, operates and franchises both Checkers and Rally’s restaurants. Checkers was founded in 1986 and is based in Tampa, Florida.
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Buyer Overview 1

Buyer

Wellspring Capital Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 4.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Wellspring Capital Management is a mega-sized private equity firm that focused on a variety of transaction situations. The Firm will consider buyouts of private companies, acquisitions of divisions or subsidiaries of public companies, shareholder liquidity needs, partnering with entrepreneurs for growth opportunities, and special situations. Wellspring does not have any sector preferences and is capable of pursuing transactions valued up to $1 billion. Wellspring Capital Management was formed in 1995 and is based in New York City.


Deal Context for Buyer #
Overall 17 of 54
Sector: Restaurants 1 of 1
Type: Going Private 3 of 5
State: Florida 2 of 4
Country: United States 13 of 49
Year: 2006 2 of 3
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-01 Hess Print Solutions

Brimfield, Ohio, United States

Hess Print Solutions, Inc. is a book, catalog and directory manufacturer supporting the educational, business-to-business, and automotive aftermarket industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 Stripes Holdings

Corpus Christi, Texas, United States

TRIPES HOLDINGS, LLC (formerly known as Susser) is the largest independent convenience store operator and non-refining motor fuel distributor in Texas.

Sell -