NPC announced today that it has completed the acquisition of 22 Wendy’s restaurants for $9.3 million, plus amounts for working capital and initial franchise fees. NPC also agreed to acquire two additional 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.
This acquisition was funded entirely with available cash. The restaurants will be owned and operated by NPC’s wholly-owned subsidiary, NPC Quality Burgers, Inc.
The Company expects to close on the acquisition of 13 Wendy’s restaurants from Value Foods, LLC by the end of July.
NPC International, Inc. is the largest Pizza Hut franchisee and the eighth largest restaurant unit operator in the U.S. according to the 2013 “Chain Restaurant Industry Review” by GE Capital Franchise Finance. The Company was founded in 1962 and operates 1,245 Pizza Hut units in 28 states with significant presence in the Midwest, South and Southeast.