JACKSON, Mississippi (AP) — The owners of the Mississippi-based Newk’s Eatery restaurants have sold a majority of the company to a New York investment firm.
Newk’s Vice President of Franchise Operations Alan Wright says Sentinel Capital Partners paid an undisclosed amount for the share of Newk’s Holding Co. in a sale that closed Monday.
Newk’s founders Chris Newcomb, Don Newcomb and Debra Bryson maintain minority ownership. The three started Newk’s 10 years ago, after creating the McAlister’s Deli chain and selling it. Chris Newcomb remains CEO. The company has about 25 employees at its Jackson headquarters.
Wright says Sentinel will invest more to help Newk’s grow faster. Newk’s has nine company-owned and 58 franchised counter service restaurants.
Sentinel raises money from investors and buys shares in businesses, seeking to sell later for a profit.