CONSHOHOCKEN, PA June 15, 2015 – Centre Lane Partners, LLC (“Centre Lane”), a New York-based private investment firm, announced that it has acquired Saladworks, the nation’s first and largest fresh-tossed salad restaurant chain.
Saladworks is an iconic Philadelphia Brand with a stable 29-year history and is the leader in the made to order, entrée sized salad category with a health conscious consumer base that lends itself to a fast casual atmosphere. The company’s long tenured management team will remain in place to lead the next phase of growth. Saladworks President Paul Steck has been promoted to the position of President/CEO, expanding his company leadership responsibilities. Steck has been with Saladworks for more than 12 years and is a well-known and respected executive in the industry. Saladworks is preparing for growth with such initiatives as new store design, menu enhancement and an increase in support to its franchisees. To support these objectives and its franchisees, Saladworks plans to increase staff in the home office by more than 40 percent over a six-month period.
“We’re proud to be affiliated with Centre Lane, a private investment firm known for aligning itself with businesses that hold the leading market positions in their categories and offer strong growth potential,” said Steck, President and CEO, Saladworks. “Moreover, we’re excited about what their support and investment means in terms of growth of the brand, expanded product and service offerings to our customers and additional support to our franchisees.”
The acquisition follows a four-month search for a buyer after Saladworks filed for Chapter 11 bankruptcy reorganization in February 2015. Saladworks customer and franchisees were not affected by the filing, as all 108 Saladworks’ restaurant locations in the U.S., Canada, Dubai and Singapore remained opened throughout this process.
“Saladworks was the creator of the fresh-tossed salad restaurant concept and from the beginning has been committed to offering consumers an exciting dining option that had previously been unavailable – fresh, fast and convenient food offerings that fit today’s healthier lifestyles,” said Mayank Singh, a Managing Director of Centre Lane. “We look forward to partnering with Saladworks to support the company’s growth and success.”
“It’s clear to us that Centre Lane recognizes both the current value of our brand and also has the vision to imagine its future potential. We’re incredibly excited about what lies ahead,” concluded Steck.
About Centre Lane Partners, LLC
Centre Lane is a private investment firm focused on making equity and debt, control and non-control, investments in North American middle market companies. Centre Lane targets companies with revenues between $20 and $500 million that have leading market positions and sustainable competitive advantages in their respective niches. Industries targeted for investment are broad and diverse with no industry excluded from our consideration.