Saladworks acquired by investment firm
New York-based Centre Lane Partners has acquired Saladworks and is committed to investing substantial capital to accelerate the company's growth, according to a company press release.
No leadership changes will occur, however, for the 29-year-old brand based in Philadelphia. Saladworks President Paul Steck has been promoted to the position of president/CEO, expanding his company leadership responsibilities, states the release.
Saladworks is preparing for growth with such initiatives as a new store design, menu enhancement and an increase in support to its franchisees, Steck said, and to support those objectives the brand plans to increase staff in the home office by more than 40 percent over a 6-month period, Steck said.
"We're proud to be affiliated with Centre Lane, a private equity firm known for aligning itself with businesses that hold the lead market positions in their categories and offer strong growth potential," said Steck. "Moreover, we're excited about what their support and investment means in terms of growth of the brand, expanded product and service offerings to our customers and additional support to our franchisees."
The acquisition follows a 4-month search for a buyer after Saladworks filed for Chapter 11 bankruptcy reorganization in February 2015. Saladworks customer and franchisees were not affected by the filing, as all 108 Saladworks restaurant locations in the U.S., Canada, Dubai and Singapore remained opened throughout this process, Steck said.
"Saladworks was the creator of the fresh-tossed salad restaurant concept and from the beginning has been committed to offering consumers an exciting dining option that had previously been unavailable—fresh, fast and convenient food offerings that fit today's healthier lifestyles," said Mayank Singh, managing director, Centre Lane Partners. "For us, this type of focus and commitment is the hallmark of a wise business investment and we look forward to partnering with Saladworks to support the company's growth and success."