NPC International Inc. announced 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, 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 also 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, operating 1,245 Pizza Hut units in 28 states.
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