News

Brazil Fast Food Corp. sells real estate assets

September 6, 2010

Brazil Fast Food Corp., which operates under the Bob's brand, KFC and Pizza Hut Sao Paul as a Yum! Brands franchisee, and Doggis as a GED franchisee, has sold all real estate assets held by Venbo Comercio de Alimentos Ltda. to Bigburger Ltda. and CCC Empreendimentos e Participações Ltda.

BFFC, which has 737 points of sale, made the transaction to reduce its debt. The sale was complete on Sept. 1.

The stockholders acquired eight stores for a total consideration of $13.5 million, including a down payment of $2.8 million, with the balance to be paid in 24 monthly installments.

The sale of Venbo’s assets was approved on Jan. 21 by the Board of Directors.

“We are pleased to announce the sale of Venbo’s real estate assets which, we believe, creates value for all our shareholders,” said Ricardo Bomeny, the company's president and CEO. “This transaction will allow us to reduce our debt, strengthen our balance sheet, and focus management’s attention on our core restaurant operations.”