The units being acquired include five fee-owned locations. This acquisition will be funded with available cash on hand and borrowings from the company’s $100m revolving credit facility.
According to information provided to NPC, 30 of the units to be acquired generated $27.8m in net product sales during the 53 weeks ended December 2011, the remaining six units to be acquired are not included in these results because none of these units was open and/or under PHI management for a full year.
NPC expects the closing to occur in February 2012 and it is subject to obtaining customary approvals.
Jim Schwartz, chairman and CEO of NPC International, said: “We are very excited to add this market to our portfolio and look forward to joining forces with the operations team in Jacksonville. These units are a perfect fit within our current geographical footprint which will allow us to leverage our existing operational infrastructure and expand our presence in the Florida market.”
Source: NPC International
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