Jun 19, 2013
Orange County's Johnny Rockets Restaurant Group Inc. has sold its post-WWII diner-themed chain to a Sun Capital Partners affiliate for $128 million, according to a restaurant industry source in Southern California.
The sale of the Johnny Rockets business was announced by advisory firm North Point Advisors of San Francisco.
Billionaire Washington Redskins owner Dan Snyder, 48, and his company, Red Zone Capital Management Co., sold the Johnny Rockets burger chain after only six years of ownership.
Just months ago, Red Zone sold its interest in Dick Clark Productions of Santa Monica for $175 million after only five years of ownership.
Johnny Rockets was founded by Ronn Teitelbaum in Los Angeles in the summer of 1986 with the original hamburger diner located on trendy Melrose Avenue.
The company now has more than 300 restaurant locations, including franchises at Knott's Berry Farm and Six Flags amusement parks, at Yankee Stadium and FedEx Field, and on Royal Caribbean cruise ships.
Johnny Rockets and corporate CEO John Fuller have been famously featured on the hit TV show, "Undercover Boss."
Sun Capital Partners bought Johnny Rockets to minimize expenses, maximize profit and further expand the popular restaurant chain internationally.