USA: Sizzler announces completion of Oscar's acquisition
Sizzler International, Inc. (NYSE:SZ) announced at its annual shareholder meeting today that it has completed the previously announced acquisition of 82% of San Diego based Oscar's, a successful and rapidly growing 9 unit restaurant company in Southern California and Phoenix. "We are very enthusiastic about this acquisition, and looking forward to expanding the Oscar's revenue by at least 30% this year," said Charles Boppell, President and CEO of Sizzler International. "In its second year, we expect the acquisition will be accretive to Sizzler's earnings. Since the initial announcement of the acquisition, Oscar's has opened a new restaurant in Mira Mesa, Calif., and we expect two others to open late this year or early 2001. Over the long-term, we believe Oscar's will prove to be an important growth vehicle for Sizzler." Oscar's sales increased more than 20% during the first half of 2000, fueled by a 12% increase in same store sales. In 1999, Oscar's generated more than $22 million in revenues and EBITDA of $3.6 million. Oscar's restaurants offer a full menu of award-winning gourmet pizzas, baby back ribs, barbecue chicken, and other items that have gained favorable reviews in such periodicals as Nation's Restaurant News, Chain leader, and in The San Diego Union Tribune. In addition, Oscar's was voted "Best Pizza" by San Diego station KFMB, Channel 8's Unknown Eater for three years in a row, and was awarded "Best Pizza" by the city of Temecula as well.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Analysis: Chocolate sector's deforestation pledge
- Kraft Heinz cuts jobs in US, Canada
- Unilever invests in Dutch meat substitute project
- Lactalis fails to hit threshold to delist Parmalat
- Brazil seeks to cool concerns over meat probe
- US meal delivery service Blue Apron buys BN Ranch