US-based NPC has signed an agreement to purchase 35 Wendy’s restaurants for $29.2m.
NPC also recently agreed to acquire four restaurants built by Wendy’s for $7.4m, increasing the total number of restaurants to be acquired to 39.
Under the terms of the deal, NPC plans to remodel a number of acquired and existing restaurants in Wendy’s new Image Activation format.
This purchase is part of The Wendy’s Company’s System Optimisation initiative to reduce the company-operated restaurant ownership to approximately 5% of the total system.
The acquisition will be funded with available cash on hand.
Located in the Raleigh-Durham metropolitan area, the acquired restaurants will be owned and operated by NPC Quality Burgers.
NPC International chairman and CEO Jim Schwartz said: "This highly coveted market will leverage our existing Wendy’s infrastructure and is contiguous with our current Winston-Salem and Greensboro Wendy’s operations.
"This acquisition will be our fifth acquisition in the Wendy’s system since 2013, and will increase our holdings to 183 restaurants with revenues exceeding $260m, or approximately 22% of our total consolidated revenues."