NPC International Inc. announced that it has completed the acquisition of 53 Wendy's restaurants for $30.4 million.
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, NPC plans to reimage certain restaurants in Wendy's new Image Activation design.
The acquisition was funded entirely with available cash and minimal borrowings on NPC's 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, as well as 90 Wendy's units in three states.
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