Sizzler To Be Sold, CEO Cole To Join Quaker Steak

Nation’s Restaurant News:

The Australian owner of Sizzler is putting the grill chain up for sale and Ken Cole is stepping down as president and chief executive of Sizzler’s U.S. operations to head the casual-dining chain Quaker Steak & Lube, company officials are expected to announce Friday.

Sydney, Australia-based Pacific Equity Partners, which bought the Sizzler brand in 2005, has hired the Los Angeles-based investment banking firm Houlihan Lokey to find a buyer for both Sizzler’s domestic and international businesses. A sale is expected to be completed within 6 months.

Last year PEP officials indicated they would try to find a buyer for the San Diego-based Pat & Oscar’s chain, also owned by the private-equity firm.

Sizzler operates or franchises more than 300 restaurants in 17 states and Puerto Rico, Australia and several Asian countries. The brand’s first unit in Mexico is scheduled to open later this year.