SPB Hospitality

What SPB Hospitality does

SPB Hospitality is a Nashville, Tennessee-based multi-brand restaurant operator and franchisor owned by Fortress Investment Group. The company manages a portfolio spanning quick-service, casual dining, and upscale-casual concepts, with Krystal (QSR, ~300 units across 36 states) as the flagship brand, complemented by J. Alexander's, Stoney River, Amada, and Village Whiskey in the upscale-casual segment; Logan's Roadhouse was divested in March 2026. The company serves value-oriented QSR guests through company-operated and franchised Krystal restaurants (19 franchise partners operating 142 franchise units) and higher-end experiential diners through its upscale-casual brands.

The underlying operating platform is a conventional restaurant hospitality technology stack encompassing point-of-sale systems, gift card platforms, digital ordering, and the Club Krystal loyalty program launched in September 2025. SPB pursues growth through a mix of unit expansion (e.g., four new Krystal locations in Georgia, Alabama, and North Carolina in June 2024), non-traditional channels (Circle K c-store partnership announced June 2024), and brand acquisitions (J. Alexander's in 2021 for ~$220M; Amada and Village Whiskey in 2024).

The business model combines company-operated restaurant revenue, franchise royalties and fees across the Krystal system, and consumer-facing sales at upscale-casual units. Revenue mechanics rest on unit-level AUVs (top-quartile franchised Krystal AUV reported at $1.4M), franchise contract economics, and brand-level pricing power. SPB sells to three distinct customer segments: value-conscious QSR consumers, upscale-casual diners willing to pay premium menu prices, and franchise operators seeking established brands with operating support.

Name

SPB Hospitality

Legal name

SPB Hospitality LLC

Website

https://spbhospitality.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SPB Hospitality is a Fortress Investment Group-backed multi-brand restaurant operator and franchisor based in Nashville, TN, managing Krystal (QSR) alongside J. Alexander's, Stoney River, Amada, and Village Whiskey (upscale-casual) across 36 U.S. states.

Ownership category

akta.pro rank

Product category

Multi-Brand Restaurant Operations and Franchising

NAICS

Limited-Service Restaurants (722513), Restaurants and Other Eating Places (7225), Drinking Places (Alcoholic Beverages) (722410)

SIC

Retail-Eating & Drinking Places (5810), Retail-Eating Places (5812)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

akta.pro secondary industries

Burger QSR (THAFAAAA), Pubs & Gastropubs (CRANACAB)

Keywords

• Quick-service restaurants
• Restaurant franchising operations
• Multi-brand dining portfolio
• Upscale casual steakhouses
• Chef-driven restaurant concepts

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Restaurant Operations: Company-owned and operated restaurants across multiple brands including Krystal, Logan's Roadhouse, J. Alexander's, Stoney River, Amada, and Village Whiskey. Revenue generated from dine-in, takeout, and delivery sales at company-owned locations.
2. Franchise Royalties and Fees: Franchise partners pay royalties (5% for Krystal) and marketing fees (4.5% for Krystal) on gross sales. Franchise fee of $35,000 for Krystal franchisees. 19 Krystal franchise partners operating 142 franchise locations.
3. Franchise Development: Revenue from new franchise unit development including franchise fees and ongoing royalties from newly opened franchise locations. Krystal targets aggressive national growth with new locations in multiple states.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels10 records

Core offering

SPB Hospitality operates and franchises a diverse portfolio of restaurant brands spanning quick-service (Krystal, since 1932), casual dining (Logan's Roadhouse, divested March 2026), and upscale-casual segments (J. Alexander's, Stoney River Steakhouse & Grill, Amada, and Village Whiskey). The company generates revenue from dine-in, takeout, and delivery sales at company-owned locations, plus franchise royalties, marketing fees, and initial franchise fees from its Krystal franchise network of 19 partners operating 142 locations.

Product overview

SPB Hospitality is a leading restaurant operator and franchisor managing a diverse portfolio of iconic American dining brands spanning quick-service, casual-dining, and upscale-casual segments. The company's portfolio includes Krystal (original Southern slider QSR chain since 1932), J. Alexander's (New American wood-fired dining), Stoney River Steakhouse & Grill (upscale steakhouse), Amada (Spanish tapas by Chef Jose Garces), and Village Whiskey (whiskey-centric bar and restaurant by Chef Garces). SPB previously operated Logan's Roadhouse but completed its divestment in 2026. The company operates and franchises brands across 35 states with over 90 years of combined history. Supporting offerings include gift card programs and loyalty initiatives such as Club Krystal. SPB Hospitality is a portfolio company of Fortress Investment Group.

Differentiator

Problem solved

Functional benefit

Brands

• Krystal: Original quick-service restaurant chain in the South, serving square hamburgers since 1932
• J. Alexander's
• Stoney River Steakhouse & Grill
• Amada
• Village Whiskey
• Logan's Roadhouse

Products and services

• Krystal Original quick-service restaurant chain in the South serving square hamburger sliders on signature square buns since 1932. Known for all-day menu including burgers, Chik sandwiches, Sackfuls, and breakfast items. Operates nearly 300 locations across 12 states with a 24-hour operating model. Recognized by USA Today as 'Best Late-Night Fast Food' (2023) and Technomic as having 'Most Craveable Burgers' (2022). Franchise opportunity available with 3+ unit commitment preferred.
• J. Alexander's New American wood-fired restaurant in a modern, elevated setting. Serves wood-fired plates with a mission to provide impeccable yet accessible culinary and service experience. Features signature dishes, full bar, and welcoming atmosphere for casual upscale dining occasions. Acquired by SPB Hospitality in September 2021 as part of the J. Alexander's Holdings $220 million acquisition.
• Stoney River Steakhouse & Grill

Quantifiable outcome

• $1.4M average annual unit volume for top 25% of Krystal franchised restaurants
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered minor and core.

• SSCP Management (Cicis Pizza)minorStrategic or Co-development Partner · 13 March 2026SSCP Management, parent company of Cicis Pizza, acquired Logan's Roadhouse from SPB Hospitality in March 2026. Transaction marks SPB's exit from its Craftworks portfolio as company shifts focus toward newer acquisitions including J. Alexander's, Stoney River, and Garces Collection. Logan's Roadhouse was SPB's third ownership change in six years.
• K9s For WarriorsminorStrategic or Co-development Partner · 17 June 2025Nation's leading provider of trained service dogs for veterans with PTSD, TBI, or military sexual trauma. Logan's Roadhouse raises funds through $5 donation program offering $10 off $40 purchase. Raised over $50,000 for service dogs, enough to sponsor a German Shepherd named Logan matched with Marine Corps veteran Steve.
• GiftAMealminorStrategic or Co-development Partner · 24 February 2025Logan's Roadhouse expanded its annual partnership with GiftAMeal to 104 locations across 19 states. Guests scan QR code and share meal photo, triggering restaurant-funded donation to local food banks. Partnership reached 50,000 meals milestone. Logan also served as stage sponsor for 'Stars for Second Harvest' benefit concert supporting Second Harvest Food Bank of Middle Tennessee.
• Circle KcoreStrategic or Co-development Partner · 26 June 2024Circle K operates convenience stores featuring integrated Krystal restaurant locations. Partnership includes locations such as Wilson, NC (state's first Krystal and largest EV charging site), Calera, AL, and Wilson, NC. The 6,781 sq ft Wilson location includes Circle K fuel, 20 Tesla and 5 Circle K EV charging spots, and a 2,000 sq ft Krystal restaurant. Innovative c-store format maximizes space efficiency and guest accessibility.
• Alimentation Couche-TardminorStrategic or Co-development Partner · 26 June 2024Parent company of Circle K operating the convenience store chain. Global leader in convenience and mobility operating in 31 countries with more than 16,700 stores. Partnership enables Krystal restaurant integration into Circle K locations.
• Minute MaidminorOthers · 10 June 2024Minute Maid lemonade featured in Krystal's Strawberry Lemonade limited-time offering starting at $2.89.
• Coca-ColaminorOthers · 10 June 2024Coca-Cola products served at Krystal locations. Limited Edition Coca-Cola NASCAR Roadie Cup promotion featured QR code for VIP NASCAR experience sweepstakes.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Texas Roadhouse: Public casual steakhouse chain where SPB's CEO G.J. Hart and CFO Tonya Robinson previously served. Directly comparable to J. Alexander's and Stoney River concepts, and a key talent source for SPB's leadership team.
• Bloomin' Brands: Public multi-concept casual/upscale restaurant operator (Outback Steakhouse, Carrabba's, Bonefish Grill, Fleming's). Directly comparable to SPB's upscale-casual portfolio including J. Alexander's and Stoney River steakhouses.
• CKE Restaurants (Carl's Jr./Hardee's): Private (Roark Capital) burger QSR operator comparable to Krystal's QSR model and franchise-driven growth approach. Similar PE-backed sponsorship structure to SPB.
• Cracker Barrel Old Country Store: Public casual family dining and retail concept with strong Southern US presence. Comparable to SPB for its regional concentration and casual steakhouse/family dining positioning similar to former Logan's Roadhouse segment.
• Dine Brands (Applebee's/IHOP): Public multi-concept franchise restaurant operator (Applebee's, IHOP, Fuzzy's Taco Shop). Comparable to SPB for its franchise-heavy model and multi-brand portfolio spanning casual-dining and QSR segments.
• Inspire Brands (Roark Capital): Private equity-backed multi-brand restaurant platform owning Arby's, Sonic, Buffalo Wild Wings, Jimmy John's, Dunkin', and Baskin-Robbins. Directly comparable to SPB as a sponsor-controlled multi-concept operator that uses M&A and franchise models to scale restaurant brands across QSR and casual segments.
• Restaurant Brands International (RBI): Public multi-brand QSR operator (Burger King, Tim Hortons, Popeyes, Firehouse Subs). Directly comparable to SPB for its franchise-driven QSR strategy and portfolio approach to scaling burger-focused brands.
• Brinker International: Public casual dining operator (Chili's Grill & Bar, Maggiano's Little Italy). Comparable to SPB's casual-dining steakhouse segment formerly including Logan's Roadhouse and currently represented by J. Alexander's and Stoney River.

Broad incumbents

• Yum! Brands: Public multi-concept QSR operator (KFC, Pizza Hut, Taco Bell, Habit Burger). Comparable to SPB for its franchise-heavy multi-brand strategy and global scale, though much larger and publicly traded with broader international reach.
• Darden Restaurants: Public multi-concept casual and upscale-casual operator (Olive Garden, LongHorn Steakhouse, Capital Grille, Cheddar's Scratch Kitchen). Comparable to SPB for its upscale-casual portfolio and steakhouse positioning matching J. Alexander's and Stoney River.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Krystal
• Instagraminstagram.com/krystal
• LinkedInlinkedin.com/company/spb-hospitality

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPB Hospitality