Founders sell majority of Newk's restaurant chain - MSNewsNow.com - Jackson, MS

Founders sell majority of Newk's restaurant chain

Posted: Updated:

JACKSON, Miss. (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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow