Krystal sold to Atlanta-based company

[CMF Newsman]

The Krystal Company announced Thursday the sale of the 80-year-old hamburger chain to Argonne Capital Group, a private investment firm based in Atlanta, for an undisclosed amount. The Chattanooga-based fast-foot company had announced last summer that they were looking for a buyer.

"Finding the right owner, one that will continue to uphold the qualities of the Krystal brand that have made it a Southern icon, has been an important part of this transition," said Krystal President and CEO Fred Exum. "Argonne recognizes the strength of the brand and provides a foundation for the Krystal family of employees and franchisees to continue its expansion by serving our loyal customers."

The Krystal Company has more than 6,000 employees, and owns and franchises a total of 360 restaurants in 11 states throughout the South. The quick-serve chain opened 10 new company-owned restaurants this past year, and will continue with new store developments in 2012 and beyond.

Officials also said the company's headquarters will remain in Chattanooga.

www.wrcbtv.com/story/17231661/krystal-sold-to-atlanta-based-company-will-stay-in-chattanooga

[Tsavodiner]

With the passing of Rodolph Davenport, last of the family giants, you had to see this coming.

[Deleted]

Rody III sold the Krystal Company in 1997.

[Bob]

Mar 22, 2012 17:12:43 GMT -5 @yodanbr2 said:

Rody III sold the Krystal Company in 1997.

the company is still "in the family" when it went "private" with undisclosed purchasers the assigned CEO was a coke executive. So the Lupton family purchased it then started setting it up for a private sale.
that was probably negotiated that long ago.

I bet "the money" was still lupton/davenport until this last sale.

[Bob]

Well I am kinda glad I was wrong. I worked there for a short time when Exum was COO, great guy.

[Half-Tard]

It's no White Castle.

[Justin Thyme]

Mar 24, 2012 13:52:37 GMT -5 Half-Tard said:

It's no White Castle.

And thank God for that

[Tsavodiner]

The money behind the 1997 purchase was SkJohnston's, Coca-Cola Enterprises, not JTLupton's. JTL sold his father's business when he got it and lived his life spending the money and nothing more.

John T. "Jack" Lupton "spent the money", FIFTY MILLION DOLLARS of it, on the Tennessee Aquarium, not to mention generous donations to a plethora of worthy causes through the Lyndhurst Foundation among others.

You can go back to being one of the "99%" now, son

[Bob]

Mar 25, 2012 6:52:34 GMT -5 Justin Thyme said:

Mar 24, 2012 13:52:37 GMT -5 Half-Tard said:

It's no White Castle.

And thank God for that

there is a photo on the top floor of the krystal building of the original owners of white castle showing the original owners of krystal how to make burgers.

Its true, they started the same.