NPC International Pays $30.4 Million for 53 Wendy's Restaurants
Wendy's has completed the sale of 53 of its restaurants in the Salt Lake City, Utah, area. The buyer is privately held NPC International, and the price is $30.4 million.
The deal also includes one additional restaurant currently under development. As part of the arrangement, NPC International has also agreed to remodel some of those outlets in accordance with Wendy's most recent design aesthetic.
The divestment, which was originally announced last month, is part of Wendy's goal to sell around 425 of its restaurants across 13 U.S. markets by the end of Q2 2014. At the time the announcement was made, it had sold 172 outlets.
NPC International will operate its newly acquired restaurants under a fully owned subsidiary, NPC Quality Burgers. The company is a large-scale franchise operator; it describes itself as the largest franchisee of Yum! Brands' Pizza Hut restaurants, operating 1,253 of those outlets across 28 states. NPC International said that it operates 90 Wendy's, located in three states.
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