Worldwide Restaurant Concepts, Inc. agreed to be bought by private equity firm Pacific Equity Partners for $7 a share, or about $208 million in cash, sending its stock surging more than 30 percent.

The purchase price of $7 per share represents a 42 percent premium over Thursday’s closing price of $4.88 on the New York Stock Exchange.

“After reviewing all our options, we believe that this merger not only offers the greatest value to our shareholders, but also provides a corporate structure that will allow our brands to achieve their full potential,” said Chuck Boppell, CEO of Worldwide Restaurant Concepts, in a press release.

The purchase comes more than four months after the Sherman Oaks-based franchiser of the Sizzler steak restaurants hired Houlihan Lokey Howard & Zukin to evaluate strategies including a complete or partial sale of the company.

The purchase, which is expected to close in the third quarter, is subject to regulatory approvals as well as consent by Yum! Brands Inc. for the transfer of franchise agreements for KFC restaurants in Australia.

When the purchase is completed, Sydney-based Pacific Equity Partners will own all of the outstanding capital stock of Worldwide Restaurant Concepts and the stock will no longer be traded publicly.

News of the deal sent Worldwide Restaurant Concepts’ stock skyward 30.1 percent to $6.40 in early afternoon trading.