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Sizzler USA Acquired by Management Group

Sizzler USA has been acquired in a management buyout that will return the casual restaurant chain headquarters to Culver City, where it was founded in 1958.

Sizzler’s worldwide operations had been owned by Australian private-equity firm Pacific Equity Partners since 2005. The deal announced late Thursday separates 178 owned or franchised Sizzler locations in the United States from about 100 restaurants overseas that Pacific Equity will continue to control.

The new ownership team includes Chief Executive Kerry Kramp, who took over in 2008, and former chief executive Kevin Perkins, who has been with the company for 35 years and now will serve as non-executive chairman.

“On the business side, we have turned around sales and eliminated our debt and underperforming units,” said Kramp who has worked to remodel restaurants and revamp the menu. “In the restaurants, with the support of our franchise partners, we have dramatically improved the entire dining experience, serving fresh food with compelling flavors at reasonable prices with great hospitality.”

Terms were not disclosed, but the announcement said the deal was funded internally.

Jim Collins, who purchased Sizzler from founder Del Johnson in 1967, is part of the owner group, along with Kramp, Perkins and others on the management team.

Pacific Equity acquired Sizzler’s U.S. and overseas operations from Collins’ Worldwide Restaurant Concepts.

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