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Wellspring plans to float Checkers Drive-In Restaurants later this year

18 Sep 2013

Checkers burgerPrivate equity-backed US hamburger chain Checkers Drive-In Restaurants is set to be floated later this year.

The company has hired Piper Jaffray and Jefferies to advise on the IPO, said Reuters, citing three sources familiar with the matter.

Checkers’ private equity owner Wellspring Capital Management decided to float the business after failing to find a buyer last year, said the people.

The company currently has more than 800 restaurants operating under the Checkers and Rally’s brands.

Back in 2012 it was reported that the company could fetch about $300m based on its $30m EBITDA, well above the $188m Wellspring Capital Management paid for Checkers in 2006.

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