Jack in the Box makes its move into diversification
Jack In The Box Inc. acquired Qdoba Restaurant Corp. from ACI Capital Co., Western Growth Capital and other private investors for $45 million in cash.
January 20, 2003
Tuesday January 21, 6:11 pm ET SAN DIEGO (Dow Jones)--Jack In The Box Inc. acquired Qdoba Restaurant Corp. from ACI Capital Co., Western Growth Capital and other private investors for $45 million in cash.This purchase, which closed Tuesday, marks Jack In The Box's entry into the fast-casual restaurant category, Jack In The Box said in a press release Tuesday. Jack In The Box, a fast-food hamburger chain, expects the acquisition to be marginally dilutive in the near term and contribute to its earnings within the next few years. Privately held Qdoba operates or franchises 85 Qdoba Mexican Grill restaurants in 16 states. Qdoba, Denver, produced about $64 million in 2002 systemwide sales. For the year ended Sept. 29, Jack In The Box earned $2.33 a share excluding charges, on revenue of $1.97 billion. Thomson First Call projects earnings of $1.97 a share for fiscal 2003 and $ 2.20 a share for fiscal 2004. -Jenny Park; Dow Jones Newswires; 201-938-5400
