Sizzling Platter acquired by Bain Capital

Bain Capital agreed to acquire Sizzling Platter from CapitalSpring in a transaction reported on 9 April 2025 and announced on 2 July, at an enterprise value of $1.3bn representing an EV/EBITDA multiple of 5x–12x on pro forma adjusted earnings. The acquirer contributed 480 million dollars of equity, around 35% of the total, with the remainder funded by a 905 million dollar debt package: a 505 million first lien term loan led by Jefferies, 400 million of senior secured notes led by UBS, a 150 million delayed draw facility and a 175 million revolving credit line. Syndication awaited Mexican regulatory clearance. Chief executive Nathan Garn continued to lead the business. Founded in 1963 and based in Salt Lake City, Sizzling Platter operates restaurants under brands belonging to others, holding franchise agreements with chains including Little Caesars, Wingstop, Jersey Mike’s, Dunkin’ and Jamba. It owns no brand of its own: it finds the sites, builds the restaurants, hires and trains the staff and runs the operations, paying royalties to the franchisor. It operates more than 800 establishments across the United States and Mexico and employs over 13,000 people, generating pro forma adjusted EBITDA of $100–200M. Operating several brands rather than one distinguishes the company from most franchisees, since a group confined to a single chain grows only where that chain permits, while one holding agreements with several can open whichever suits a given site and is less exposed to the fortunes of any one of them. Franchisors grant territories to operators they judge capable of running them to standard, and a group that has done so across hundreds of restaurants is offered the next territory before an operator with ten, which is what compounds scale in this trade. CapitalSpring had held the business since 2019 and doubled the number of restaurants over that period, through openings, acquisitions of other franchisees and the addition of further brands to the platform.

The acquisition of Sizzling Platter is part of the growth strategy of Bain Capital, which already has several external growth operations under its belt, notably Softway Medical in 2025.