Oak Hill Capital Partners has agreed to purchase Checkers Drive-In Restaurants Inc. from Sentinel Capital Partners for $525 million. The target's management team is also partnering with Oak Hill on the deal. The acquisition comes during a time with a number of private equity firms are investing in restaurant chains with national growth potential.

Checkers, based in Tampa, Florida, and founded in 1986, operates around 840 restaurants, both company-owned and franchised, under the Checkers and Rallys brands. The target is known for serving mostly burgers through its drive-thru locations. Sentinel purchased the chain in 2014.

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