Saladworks Gets New Owners

Saladworks has been acquired out of bankruptcy by Centre Lane Partners, a New York-based private-equity firm.

It was announced June 15 that Centre Lane will pay $16.9 million for the 108-unit fast-casual chain, including $15 million in cash and $1.2 million for a “brand development fund.” Saladworks President Paul Steck, who has been with the Conshohocken, Pa.-based chain for 12 years, has been named president and CEO. He replaces John Scardapane, who owned 70% of the company.

The $1.2 million brand development investment will be used to support efforts to promote Saladworks’ growth, including a new restaurant design, menu improvements and increased support for franchisees. The company plans to beef up staffing at its home office by more than 40% over the next six months.

Saladworks filed for bankruptcy in February and put itself up for sale; the chain had $8 million in unsecured debt.