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Checkers and Rally's

restaurants
PE-OWNED

Fast food burger chain known for drive-thru only locations and seasoned fries.

PE-OWNED

Acquired by Sentinel Capital Partners2017-01-23

View PE Firm Profile

What Made It Great

Double drive-thru concept with bold flavors and efficient urban fast food service

What PE Will Likely Do

Portion sizes for menu items like burgers, fries, and shakes will gradually be reduced while maintaining or increasing prices

HIGH LIKELIHOODBased on: Sentinel Capital Partners' track record of cost-cutting and revenue growth through acquisition tactics in the restaurant industry

Cheaper, lower-quality ingredients will be substituted for traditional fresh toppings, sauces, and seasonings, resulting in a noticeable decline in food quality and flavor

HIGH LIKELIHOODBased on: The industry playbook for common private equity tactics in the fast food sector, including portion reduction, ingredient substitution, franchise squeeze, menu engineering, and labor minimization

Franchisee fees and requirements will be increased, leading to some franchise locations closing down or cutting staff and service levels

HIGH LIKELIHOODBased on: The historical precedent of other restaurant chains like TGI Friday's that have experienced significant quality decline and bankruptcy under private equity ownership

Menu variety will be reduced, with the focus shifting to higher-margin items like beverages and sides rather than the signature burgers and fries

HIGH LIKELIHOODBased on: The historical precedent of other restaurant chains like TGI Friday's that have experienced significant quality decline and bankruptcy under private equity ownership

Staffing in kitchens and at customer service will be minimized, leading to longer wait times and less attentive service

HIGH LIKELIHOODBased on: The historical precedent of other restaurant chains like TGI Friday's that have experienced significant quality decline and bankruptcy under private equity ownership

Expected Timeline

0-6 monthsCompleted

0 to 6 months months

Minor changes to menu pricing and some ingredient substitutions begin, but are not yet noticeable to regular customers

6-12 monthsYOU ARE HERE

6 to 12 months months

Portion sizes start to visibly shrink, and customers begin to notice a decline in food quality and flavor

12-24 months

12 to 24 months months

Significant menu changes, including removal of signature items, become apparent, and customer complaints about declining service and longer wait times increase

24-36 months

24 to 36 months months

Store closures accelerate as franchisees struggle with higher fees and declining customer traffic, further damaging the brand's reputation

36+ months

36+ months months

Potential bankruptcy or sale of the brand to another operator as the once-iconic Checkers and Rally's concept becomes unrecognizable to its customer base

Similar Cases

Other companies that followed a similar path after PE acquisition

What You Can Do

Actions

  • Be alert for changes to your favorite menu items at Checkers and Rally's, such as smaller portions or noticeable differences in taste and quality

  • Watch for any reduction in service levels, such as longer wait times or less attentive staff, as the company tries to cut costs

  • Consider seeking out alternative fast food options that prioritize quality and customer experience if the Checkers and Rally's brand becomes unrecognizable

Alternatives

Darden Restaurants (Olive Garden, LongHorn)SAFE

Publicly traded restaurant group

Local independent restaurantsSAFE

Support local businesses in your area

Share this company's PE status

"Checkers and Rally's is now PE-owned. Here's what that means for you."