SOURCE: Wellspring Capital Management

February 15, 2007 16:05 ET

Checkers Drive-In Restaurants Announces Executive Changes

TAMPA, FL -- (MARKET WIRE) -- February 15, 2007 -- Checkers Drive-In Restaurants, Inc. ("Checkers"), a Wellspring Capital company and the nation's largest chain of double drive-thru restaurants, today announced the retirement of Keith Sirois, President and Chief Executive Officer. In conjunction with Mr. Sirois' retirement, Enrique "Rick" Silva has been named President and Chief Executive Officer effective immediately. Mr. Sirois will continue to serve as the Chairman Emeritus.

Mr. Silva was most recently with Burger King Corporation where he successfully served in a number of leadership roles for more than 13 years. In his most recent position as Senior Vice President, Franchise Operations, Mr. Silva was responsible for over 3,300 franchise restaurants in the U.S. and Canada. Prior to this, Mr. Silva was Senior Vice President, U.S. Company Operations, where he oversaw all 600-plus company-owned restaurants in the U.S., and successfully led the turnaround of those restaurants. Mr. Silva came to the U.S. Operations after successfully serving as President of Burger King's Latin American Region, which included nearly 600 restaurants.

"We are grateful to Keith for his strong leadership at Checkers. Keith has assembled a world-class management team, and under his watch, the Company's operations improved tremendously across a number of measures. We appreciate his cooperation and support during the transition of ownership of the Company to Wellspring," said Carl Stanton, Partner of Wellspring Capital Management, which acquired Checkers in June 2006.

"We are truly excited to have Rick join us today, and we are confident that Rick, together with the other highly qualified members of the management team, will be successful in bringing the Checkers® and the Rally's® brands to the next level of growth and profitability for both the franchisee community and Company stores," continued Stanton.

"I am honored to lead this remarkable Company. I have watched the growth of Checkers and Rally's for years and have a lot of respect for what the management team and the Checkers and Rally's franchisees have accomplished. My goal will be to build on Keith's efforts to maximize the potential of these two powerful brands by focusing on delivering a world-class guest experience and driving operator profitability and restaurant unit growth. I'm looking forward to working with the franchisees and the management team," said Rick Silva.

About Checkers Drive-In Restaurants, Inc.

Checkers Drive-In Restaurants, Inc. ( is the largest double drive-thru restaurant chain in the United States. The Company develops, owns, operates and franchises quick-service Checkers® and Rally's® double drive-thru restaurants. In recent years, Checkers/Rally's has been awarded several of the industry's most coveted recognitions: Best Drive-Thru in America in the QSR Drive-Thru Study for Rally's; Nation's Restaurant News Hot! Again Award for Checkers' sizzling business performance; and the American Business Award(SM) for the Best Executive in America. Checkers/Rally's is the Official Burger and Drive-Thru Restaurant of NASCAR®.

About Wellspring Capital Management

Wellspring Capital Management LLC is a New York-based private equity firm that manages more than $2.0 billion in equity capital. The firm is focused on acquiring companies where it can realize substantial value by contributing management expertise, innovative operating and financing strategies and capital. For additional information, please visit

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