The parent company of Tim Hortons and Burger King says it will pay US$1.8 billion cash to buy the Popeyes chain of chicken restaurants in a so-called friendly deal. It has since expanded to 2,600 restaurants in the United States and overseas. The deal reflects a 27% premium on the 30-day average of the company's share price.
Restaurant Brands International is a Canadian multinational that was formed when Burger King merged with the Canadian donut shop Tim Hortons in 2014. Since then, the company has been striking deals with local operators to open additional locations around the world.
Founded in New Orleans in 1972, Popeyes has 45 years of history and culinary tradition and is the franchisor and operator of Popeyes® restaurants.
Daniel Schwartz, the CEO of Restaurant Brands said that Popeyes will be managed independently.
RBI issued a statement saying, "We will continue developing the brand at an increasing pace in the USA and foreign markets". No further statement was issued by Restaurant Brands International (TSE:QSR).
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Under the new ownership, the chicken chain will be "accelerating its pace of growth" with the opening of new restaurants in the United States and elsewhere, it added.
Bachelder, it should be noted, has been credited as one of the key forces in Popeyes' success in recent years; the chain had been flagging in the early aughts, but Bachelder came on as chief executive in 2007 and brought with her a laser focus on data and in-store makeovers. As Popeyes enters its 45 year, its success reflects the incredible brand entrusted to us by founder Al Copeland, Sr. and the unique high trust partnership that we enjoy with our franchise owners.
RBI will finance the transaction with cash on hand and a financing commitment from J.P. Morgan and Wells Fargo.
3G's track record of aggressive cost cutting, combined with an promising growth strategy, is a big reason why Restaurant Brands has been such a big victor, and its management team is considered the best in the business.