Popeyes buying 28 restaurants
Oct. 18, 2012
by Meat&Poultry Staff
ATLANTA – The franchisor and operator of Popeyes Louisiana Kitchen restaurants, AFC Enterprises Inc., has entered into a definitive agreement to buy 28 restaurants in Minnesota and Northern California for $13.8 million. The purchase agreement is subject to bankruptcy court approval and the acquisition is expected to close in November.
AFC Enterprises intends to convert the restaurants, which are currently in the trade image of another quick-service restaurant concept, to Popeyes Louisiana Kitchen restaurants for approximately $11.5 million. These restaurants will be leased to Popeyes franchisees to operate after the conversions.
“The rapid opening of 28 new Popeyes restaurants will give Popeyes a major footprint in places where we currently have almost no presence,” said Cheryl Bachelder, AFC Enterprises Inc. chief executive officer. “We are delighted at this opportunity to accelerate the growth of the Popeyes system and to bring Popeyes’ fresh new image and flavorful food to the people of Minneapolis/St. Paul and Northern California.”
Popeyes calls itself the world's second-largest quick-service chicken restaurant concept based on number of units. It operates 2,049 restaurants in the United States, Puerto Rico, Guam, the Cayman Islands and 25 foreign countries.