News

NPC International acquires 56 more Wendy's restaurants

June 16, 2014

NPC International Inc. has entered into an agreement with the Carlisle Corporation and its affiliates to acquire 56 Wendy's restaurants for $58.2 million, plus amounts for working capital.

According to a news release, included in the transaction are 20 fee-owned properties, some of which the company plans to monetize in sale lease back or other transactions post-closing. As part of the transaction, NPC plans to remodel restaurants in Wendy’s new format.

The restaurants will be owned and operated by NPC's wholly-owned subsidiary, NPC Quality Burgers Inc. They are located in North Carolina and Virginia with a heavy concentration in the Greensboro-Winston Salem, N.C., area.

According to information provided to NPC, the units generated approximately $77 million in net product sales during the 52 weeks ended December 29, 2013. NPC expects the closing to occur in mid to late July 2014.

"We are excited to expand our presence in the Wendy's system and to establish a toe-hold in the Mid-Atlantic region from which we can grow. We are also fortunate to be acquiring these stores from the Carlisle Corporation, a long-tenured, well respected and continuing Wendy’s operator," NPC CEO Jim Schwartz said in the release.

NPC International is Pizza Hut's largest franchisee. The acquisition marks its fourth in the Wendy's system and will bring its portfolio to 146 total Wendy's restaurants.