Delight Restaurant Group announced today the December 2016 acquisition of 30 Wendy’s restaurants in the Virginia Beach – Norfolk metropolitan area. As part of the transaction, Delight Restaurant Group plans to build several new restaurants in the area and remodel certain acquired restaurants in Wendy’s new Image Activation format.
The 30 restaurants produce approximately $50 million in gross annual revenue and have over 1,000 employees. The acquisition was completed with a subsidiary of The Wendy’s Company and is part of Wendy’s previously-announced System Optimization initiative to reduce company-operated restaurant ownership to approximately five percent of the total system.
Delight Restaurant Group is a new, growth-oriented franchisee in the Wendy’s system founded by Managing Partners Andrew and Richard Krumholz in 2016. The company plans to continue expanding through acquisitions of existing Wendy’s restaurants and new unit development.
Andrew and Richard Krumholz, Managing Partners of Delight Restaurant Group: “We are excited to join the Wendy’s family. We strongly believe in Wendy’s vision for Image Activation and new restaurant development. Since inception, the Wendy’s brand has stood for quality. We look forward to making quality central to everything we do—from the food we serve to the organization we build.”
The Wendy’s Company (NASDAQ: WEN) is the world’s third largest quick-service hamburger company. The Wendy’s system includes approximately 6,500 franchise and company-operated restaurants in the United States and 30 countries and U.S. territories worldwide.
Based in Norfolk, Virginia, Delight Restaurant Group is a growth oriented franchisee of Wendy’s restaurants with a total of 30 locations and approximately $50 million in gross annual revenue. The company was founded in 2016 by Managing Partners Andrew and Richard Krumholz.