SONIC Refranchising Initiative Adds New Franchisee To System
Multi-concept franchisee, Let’s Shake, buys San Antonio drive-ins.
February 08, 2017 // Franchising.com // OKLAHOMA CITY – Sonic Corp. (NASDAQ: SONC), the nation’s largest chain of drive-in restaurants, announced multi-brand franchise organization Let’s Shake, led by restaurant industry veteran Sunil Dharod, purchased 53 SONIC Drive-Ins as part of the brand’s previously announced refranchising initiative.
Let’s Shake purchased the drive-ins from Sonic Restaurants, Inc., the Company’s wholly-owned subsidiary that owns and operates 286 SONIC Drive-Ins. In 2016, the brand announced a refranchising initiative to move toward an approximately 95% franchised system. The sale of drive-ins in the San Antonio market is a key step in achieving that goal. As part of the sale, Let’s Shake also agreed to build five new drive-ins in the market over the next several years.
“With decades of restaurant franchisee experience in Texas, Sunil’s organization makes for a great partnership with SONIC,” said Drew Ritger, senior vice president of development for SONIC. “We anticipate strong leadership from Let’s Shake to provide stellar guest service and delicious SONIC food to consumers in the San Antonio market.”
“SONIC Drive-In is a household name in Texas, and we are honored to be able to add this great brand to our portfolio,” said Sunil Dharod, president of SSCP Management and Managing Member of Let’s Shake. “We look forward to continuing to bring SONIC’s American classics to our San Antonio guests.”
With the sale of San Antonio SONIC Drive-Ins to Let’s Shake, and other refranchising sales, the SONIC system is currently 92% franchised. The refranchising initiative is ahead of schedule with expectation to be complete by the third fiscal quarter of 2017.
About SONIC, America’s Drive-In
SONIC, America's Drive-In is the nation's largest drive-in restaurant chain serving approximately 3 million customers every day. More than 90 percent of SONIC's 3,500 drive-in locations are owned and operated by local business men and women. For 64 years, SONIC has delighted guests with signature menu items, 1.3 million drink combinations and friendly service by iconic Carhops. Since the 2009 launch of SONIC's Limeades for Learning philanthropic campaign in partnership with DonorsChoose.org, SONIC has donated $7.4 million to public school teachers nationwide to fund essential learning materials and innovative teaching resources to inspire creativity and learning in today's youth. To learn more about Sonic Corp. (NASDAQ/NM: SONC), please visit http://sonicdrivein.com and please visit or follow us on Facebook and Twitter. To learn about SONIC's Limeades for Learning initiative, please visit Limeadesforlearning.com.
About Sunil Dharod
Sunil Dharod, a Dallas businessman and philanthropist, founded SSCP Management, currently owning 68 Applebee’s and the Roy’s fine dining restaurant concept. SSCP is also involved with the Slim Chickens franchise. Over the years, Sunil Dharod has been an award winning franchisee for several concepts.
SOURCE SONIC, America’s Drive-In