NPC International, Inc. announced today that it has completed the acquisition of 53 Wendy’s restaurants for $30.4 million, which includes fees payable to the franchisor in connection with the acquisition plus amounts for working capital. NPC also agreed to acquire one additional restaurant currently under development by Wendy’s, thereby increasing the number of restaurants to be acquired to 54. As part of the agreement relating to the acquisition, NPC plans to reimage certain acquired restaurants in Wendy’s new Image Activation format.
This acquisition was funded entirely with available cash and minimal borrowings on our revolving credit facility. The restaurants will be owned and operated by NPC’s wholly-owned subsidiary, NPC Quality Burgers, Inc.
NPC International, Inc. is the world’s largest Pizza Hut franchisee and currently operates 1,252 Pizza Hut restaurants and delivery units in 28 states and 90 Wendy’s units in 3 states.