The U.S. operations of the Sizzler restaurant chain, headquartered in Culver City, have been spun off by longtime owners as part of a revitalization effort.
The company had been partly owned by the Australian private equity group Pacific Equity Partners. Now, the U.S. operations will be owned by a group that includes Chief Executive Kerry Kramp and longtime shareholders Jim Collins and Kevin Perkins.
Kramp, who came to Sizzler from the HomeTown Buffet chain, has pushed to update the 1960s-era chain by adding new items to the menu, bring salad bar offerings up to date and pushing franchisees to remodel their stores.
Kramp has closed 30 under-performing stores, and the rest are now profitable, he said. The company stopped franchising when Kramp took over three years ago but is ready to begin again, he said. Sales have increased each of the last three years, the company said.
There are now 178 sizzler restaurants in the U.S. and Puerto Rico. Thirty are company-owned and 148 are franchises.
“We’re unbelievably excited,” said Kramp, whose goal in joining the company had always been to gain an ownership stake.