The parent company of Tim Hortons and Burger King is adding yet another name to its roster.
Restaurant Brands International has reached an agreement to acquire Popeyes Louisiana Kitchen Inc. for $1.8 billion, in a friendly deal.
Once the transaction has been completed, Popeyes will continue to be managed independently in the U.S. but the plan is to continue to develop the brand at an increasing pace both in the American and International markets.
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world. With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth. As Popeyes becomes part of the RBI family we believe we can deliver growth and opportunities for all of our stakeholders including our valued employees and franchisees. We look forward to taking an already very strong brand and accelerating its pace of growth and opening new restaurants in the U.S. and around the world.” – Daniel Schwartz, Chief Executive Officer of RBI
“I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well. As Popeyes enters its 45th year, its success reflects the amazing brand entrusted to us by founder Al Copeland, Sr. and the unique high trust partnership that we enjoy with our franchise owners. RBI has observed our success and seen the opportunity for exceptional future unit growth in the U.S. and around the world. The result is a transaction that delivers immediate and certain value to the Popeyes shareholders.” – Cheryl Bachelder, Chief Executive Officer of Popeyes
The transaction is subject to closing conditions including receipt of certain regulatory approvals.