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NPC to acquire 51 Pizza Hut units
January 14, 2009
OVERLAND PARK, Kan. -- NPC International Inc. has agreed to purchase 51 restaurants from Pizza Hut Inc. for $14.4 million in cash.
NPC, the world's largest Pizza Hut franchisee, operates 1,098 restaurants, or about 18 percent of the U.S. Pizza Hut locations.
The acquisition is expected to be funded from borrowings on NPC's $75 million revolving credit facility.
The units are located in and around St. Louis and are comprised of 27 delivery/carry-out units and 24 dine-in restaurants. According to information provided to NPC, 49 of the units to be acquired by NPC generated $40.1 million in net product sales during the 52 weeks ended Sept. 2008. The remaining two units to be acquired were recently constructed and not included in the net product sales total.
NPC expects the closing to occur in February 2009.
Read also, NPC in Pizza Hut sale, purchase.
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