NPC International, a US-based Pizza Hut franchisee, has completed the acquisition of 22 Wendy’s restaurants for $9.3m, plus amounts for working capital and initial franchise fees.
In addition, NPC agreed to acquire two more restaurants currently under development by Wendy's in exchange for reimbursement of development costs and payment of initial franchise fees, thereby increasing the number of restaurants to be acquired to 24.
Following this, the acquired restaurants will be owned and operated by NPC's wholly-owned subsidiary, NPC Quality Burgers.
The company expects to close on the acquisition of 13 Wendy's restaurants from Value Foods by the end of July 2013.
NPC International chairman and CEO Jim Schwartz said, "This acquisition is an entry point into the Wendy's system from which we look forward to growing substantially through acquisition and development."
Founded in 1962, NPC International operates 1,245 Pizza Hut outlets in 28 states with significant presence in the Midwest, South and Southeast.
