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Private Investment Firms Acquire Krystal

Krystal Restaurants was acquired by Fortress Investment Group and its operating partner Golden Child Holdings. As a result of the transaction, Thomas Stager has assumed the role of Krystal president.

Stager replaces Tim Ward, the chain’s former president and COO. Ward and CFO Bruce Vermilyea, who both joined Krystal in November 2019, have left the company.

No stranger to the restaurant industry, Stager’s background includes working with such restaurant chains as Arby’s and Pizza Hut.

In January 2002, Krystal filed for bankruptcy and as part of the reorganization process, the company was put up for sale.