NPC has agreed to remodel 90 restaurants in the Image Activation format by the end of 2021 and build 15 new Wendy’s restaurants by the end of 2022 as part of the deal.
The acquired restaurants are primarily located in the Baltimore, Virginia, and Washington, D.C. markets.
“We look forward to capitalizing upon the terrific opportunity in this market by delivering upon the Wendy’s brand promise each and every day,” said Jim Schwartz, chairman, and CEO of NPC International. “In addition to delighting every customer through superior restaurant operations, we plan to make significant investments in the market through Image Activation and the implementation of a new Aloha point of sale system at every location.”
This acquisition was funded solely with cash proceeds from the company’s recent refinancing. The restaurants are owned and operated by NPC’s subsidiary, NPC Quality Burgers Inc. According to information provided to NPC, the acquired units generated approximately $215 million in net product sales during the 52 weeks ended February 2017.
This is the seventh acquisition of Wendy’s restaurants for NPC International since 2013 giving it 386 restaurants in total for the company.
“As we continue to transform the system by facilitating restaurant sales to franchisees who have demonstrated operations excellence, brand, and organizational leadership, and reinvestment in the business," said Todd Penegor, president and CEO of the Wendy's Co. "We’re excited about NPC’s commitment to help Wendy’s reach its full potential in these important growth markets."
