Who ultimately controlled BossCo Holdings, the parent company of Checkers after the merger?

According to Checkers's 2025 Franchise Disclosure Document, BossCo Holdings, the parent company of Checkers, was a holding company controlled by various funds operated by Oak Hill Capital Partners ("Oak Hill"). This structure was in place following the merger agreement on April 25, 2017.

For a prospective franchisee, this means that the strategic decisions and financial oversight of Checkers were ultimately influenced by Oak Hill Capital Partners. As a franchisee, understanding the ownership structure can provide insight into the long-term goals and potential stability of the franchise system. Private equity firms like Oak Hill often have specific investment timelines and strategies that could impact the direction of the company.

However, it's important to note that this control structure existed prior to June 16, 2023. Following an out-of-court restructuring, Burger BossCo and its subsidiaries were deconsolidated from BossCo Holdings. Newly issued equity of Burger BossCo was issued to Checkers Topco, LLC, and the secured creditors of Holdings and Burger BossCo acquired all of the equity of Topco. The equity of Burger BossCo owned by BossCo Holdings was repurchased by Burger BossCo for a nominal amount. This restructuring resulted in a change of control, with the secured creditors of Holdings and Burger BossCo acquiring the equity of Topco.

Therefore, the control by Oak Hill Capital Partners described in the document applied to the "Predecessor" period before the restructuring. After the restructuring, the secured creditors of Holdings and Burger BossCo acquired all of the equity of Topco, resulting in a new ownership structure for Checkers.