Krystal merges with SPB Hospitality
Krystal Restaurants has merged with SPB Hospitality and will now be a part of the franchisor’s collection of casual, upscale and brewery restaurants, according to a press release.
“We are thrilled to welcome Krystal to the SPB Hospitality family,” Josh Kern, SPB Hospitality interim chief executive officer, said in the press release. “Krystal’s innovative approach to their menu, marketing, and overall strategy is inspiring, and over its 90-year history, Krystal has demonstrated its commitment to SPB’s overriding vision of providing a truly exceptional guest experience.”
Brands underneath SPB Hospitality’s umbrella operate independently.
“We continue to have enormous confidence in SPB Hospitality and the work the team is doing to build the most successful restaurant group in the industry,” Morgan McClure, president of SPB hospitality and managing director at Fortress Investment Group LLC. Funds managed by affiliates of Fortress own SPB, which was created in 2020 to manage its growing portfolio of hospitality brands. “Krystal’s time-honored brand, and dynamic team, are significant additions to the SPB portfolio and a major step forward in achieving SPB’s vision.”
Krystal operates nearly 300 restaurants across 10 states and has more than 3,500 employees.