LOUISVILLE, Ky. -- Tricon Global Restaurants Inc. has signed a definitive agreement to purchase Long John Silver's and A&W All American Food Restaurants from Yorkshire Global Restaurants for $320 million in cash.
In a March 11 release, the company also said it will change its name from Tricon to Yum! Brands Inc., upon completion of the deal.
The company's current brand trio of KFC, Pizza Hut and Taco Bell includes more than 30,000 stores generating more than $22 billion in annual sales.
The addition of the Long John Silver's fast-food seafood brand and A&W's hotdog, hamburger and root beer brand will add 2,316 stores (1,225 Long John Silver's, 970 A&W restaurants and 121 multi-branded Long John Silver's/A&Ws). Yorkshire is a privately held company, which reported sales of $1.1 billion in 2001. It is headquartered in Lexington, Ky.
Late last year, Tricon chairman and CEO David Novak told a gathering of investors and analysts that the company would aggressively pursue growth of the multi-brand component of its business in 2002. It currently has 1,500 multi-brand units in the U.S. and abroad.
In 2000 it entered into a license agreement with Yorkshire to test multi-brand options with Long John Silvers and A&W. The two companies since have opened 83 KFC/A&Ws, six KFC/Long John Silvers and three Taco Bell/Long John Silvers.