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TAMPA, Fla. – Checkers Drive-In Restaurants Inc., announced late Friday afternoon that its private equity ownership group, Wellspring Capital Management, has entered an agreement to sell the company to Sentinel Capital Partners.
The terms of the stock purchase agreement were not disclosed.
With almost 800 restaurants in 28 states, Checkers sells and supports under both the Checkers and Rally's restaurant names. Reuters reported last August that Wellspring Capital had been looking to sell the hamburger quick service restaurant brands. Checkers' CEO Rick Silva appeared on Undercover Boss in 2012. His appearance on television was memorable because he had to come out of his disguise to reveal his identity and immediately close an underperforming franchise.