News
Church's Chicken to be sold to Friedman Fleischer
June 14, 2009
According to reports from Reuters and Thomson Reuters Private Equity Hub, Cajun Operating Co, franchisor of Church's Chicken, has been sold to private equity firm Friedman Fleischer & Lowe. Bahrain-based investment bank Arcapita posted the sale in an online auction, with San Francisco-based Friedman Fleischer selected as the winning bidder from an initial 10 buyout suitors.
Reuters reported that the deal, set to close in early July, is valued at more than $300 million, though an exact price could not be determined. Arcapita bought Church's Chicken in 2004 for $390 million from AFC Enterprises, the parent company of Popeye's Chicken. The company has more than $1 billion in revenue and more than 1,500 locations, 400 of them overseas.
Arcapita, Friedman Fleischer and Church's Chicken did not return calls for comment.
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