Pizza Hut franchisee NPC International has inked an asset purchase agreement with The Wendy's subsidiary to acquire a total of 24 restaurants in the Kansas City metropolitan area.
As per the agreement, NCP will acquire 22 Wendy's outlets for $9.3m and two more restaurants under development in exchange for reimbursement of development costs and payment of initial franchise fees.
NPC International chairman and CEO Jim Schwartz stated that the company is delighted to secure an opportunity to collaborate with Wendy's.
"This acquisition is an entry point into the Wendy's system from which we look forward to growing substantially through acquisition and development," added Schwartz.
"We firmly believe this opportunity plays well to our core competencies and positions NPC with significant growth runway when combined with our Pizza Hut interests."
NCP's subsidiary NPC Quality Burgers will operate the acquired restaurants. NPC plans to reimage certain acquired restaurants in Wendy's new Image Activation format.
