Some Culver’s restaurant shareholders have sold their shares to a private equity firm in a deal announced by the company today.
Individual shareholders sold a minority of their shares in Prairie Du Sac-based Culver Franchising System Inc. to Atlanta-based Roark Capital Group. The details of the transaction were not disclosed.
The Culver family continues to hold majority ownership of the company, which they founded in 1984 in Sauk City and have expanded to nearly 600 restaurants nationwide.
Known for its ButterBurgers and custard, the restaurant chain’s rapid national expansion has been led by co-founder and chairman Craig Culver, 67.
“For many years, the Culver family has been discussing ownership succession planning with the desire to remain a family-owned business, stay privately held and proceed with thoughtful estate planning,” Craig Culver said. “The sale of a minority interest in the company allows us to do so. We want to make sure we set up the next generation of the Culver’s family and the entire franchised system for success.”
Joseph Koss, who has served as president and chief executive officer of Culver’s since Phil Keiser passed away last year, will continue in his role and the company will continue to operate similarly, he said. Keiser had succeeded Craig Culver in the leadership role in 2015.
“We have long admired the Culver’s brand and its commitment to culture, quality and service,” said Erik Morris, senior managing director at Roark. “We are excited to be partnering with the Culver family and management team, and look forward to supporting the brand’s continued success.”