Key Takeaways
- • Bain Capital North American Private Equity is acquiring Sizzling Platter, LLC from CapitalSpring, with Nathan Garn remaining chief executive.
- • Sizzling Platter operates more than 800 locations across the United States and Mexico, employs over 13,000 team members, and holds franchise brands including Little Caesars, Wingstop, Jersey Mike's, Dunkin' and Jamba.
- • Financial terms were not disclosed in the announcement, though publisher coverage described the leveraged buyout as valued at about $1 billion and a $905 million debt package as being prepared to fund it.
- • CapitalSpring, which has owned Sizzling Platter since 2019, is exiting its investment, and the company's management team will continue to lead the platform.
Summary
Salt Lake City-based Sizzling Platter, LLC announced on July 2, 2025 that it has partnered with Bain Capital to accelerate its expansion. The investment is being made by Bain Capital North American Private Equity, which is acquiring the business from CapitalSpring. The company said financial terms of the private transaction were not disclosed. Chief Executive Officer Nathan Garn will continue to lead the company.
Sizzling Platter, founded in 1963, describes itself as one of the largest franchise platforms in North America. Its portfolio includes Little Caesars, Wingstop, Jersey Mike's, Dunkin' and Jamba, and it employs more than 13,000 people across more than 800 locations in the United States and Mexico. Garn said Bain Capital's experience investing in growing restaurant businesses makes it the right value-added partner to help expand the platform. Adam Nebesar, a Partner at Bain Capital, said the company is uniquely positioned to scale as a global leader in franchising, and Mark Saadine, a Managing Director at Bain Capital, said the firm looks forward to building on the company's long-term brand partnerships.
Erik Herrmann, Partner and Head of Investment Group at CapitalSpring, said the firm worked with management through the pandemic on a multi-pronged strategy to double the company's footprint. According to Herrmann, growth was driven by organic expansion in existing brands and investments in infrastructure to support new unit development, acquisitions and the addition of new brands. Kaivon Abrishami, Managing Director at CapitalSpring, made similar remarks. Publisher coverage also described the transaction as a leveraged buyout valued at about $1 billion, and reported that Sizzling Platter needed approval from each franchisor before a sale to Bain could proceed.
BofA Securities acted as lead financial advisor to Bain Capital, with Kirkland & Ellis LLP as legal counsel. UBS Investment Bank served as lead financial advisor to Sizzling Platter and CapitalSpring, with Proskauer Rose as legal counsel, and Deutsche Bank and North Point also advised. UBS Investment Bank, Jefferies, Deutsche Bank Securities, HSBC, BNP Paribas, KKR Capital Markets, Mizuho, RBC Capital Markets, Santander, Stifel and Wells Fargo Securities provided committed debt financing and advisory services to Bain Capital.
Sizzling Platter, founded in 1963, describes itself as one of the largest franchise platforms in North America. Its portfolio includes Little Caesars, Wingstop, Jersey Mike's, Dunkin' and Jamba, and it employs more than 13,000 people across more than 800 locations in the United States and Mexico. Garn said Bain Capital's experience investing in growing restaurant businesses makes it the right value-added partner to help expand the platform. Adam Nebesar, a Partner at Bain Capital, said the company is uniquely positioned to scale as a global leader in franchising, and Mark Saadine, a Managing Director at Bain Capital, said the firm looks forward to building on the company's long-term brand partnerships.
Erik Herrmann, Partner and Head of Investment Group at CapitalSpring, said the firm worked with management through the pandemic on a multi-pronged strategy to double the company's footprint. According to Herrmann, growth was driven by organic expansion in existing brands and investments in infrastructure to support new unit development, acquisitions and the addition of new brands. Kaivon Abrishami, Managing Director at CapitalSpring, made similar remarks. Publisher coverage also described the transaction as a leveraged buyout valued at about $1 billion, and reported that Sizzling Platter needed approval from each franchisor before a sale to Bain could proceed.
BofA Securities acted as lead financial advisor to Bain Capital, with Kirkland & Ellis LLP as legal counsel. UBS Investment Bank served as lead financial advisor to Sizzling Platter and CapitalSpring, with Proskauer Rose as legal counsel, and Deutsche Bank and North Point also advised. UBS Investment Bank, Jefferies, Deutsche Bank Securities, HSBC, BNP Paribas, KKR Capital Markets, Mizuho, RBC Capital Markets, Santander, Stifel and Wells Fargo Securities provided committed debt financing and advisory services to Bain Capital.
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