Burger King owner Restaurant Brands in talks to buy Popeyes Louisiana Kitchen
14 February 2017
Burger King owner Restaurant Brands International Inc (RBI) is in talks to buy Popeyes Louisiana Kitchen Inc, Reuters yesterday reported, citing people familiar with the matter.
RBI and Popeyes have yet to agree on a deal price, and there is no certainty that talks will continue, the report said.
Popeyes, which has a market cap of around $1.6 billion, Popeyes is the world's second largest quick-service chicken chain based on number of units.
Founded in Atlanta in 1992 as AFC Enterprises, Inc., Popeyes is a operator and franchisor of quick-service restaurants under the trade name, Popeyes Louisiana Kitchen and Popeyes Chicken & Biscuits. I
AFC Enterprises changed its corporate name in 2014 to Popeyes Louisiana Kitchen and the chain distinguishes itself with a unique New Orleans style menu that features spicy chicken, chicken tenders, fried shrimp and other seafood, as well as jambalaya, red beans and rice and other regional items.
The company operates and franchises over 2,000 Popeyes restaurants worldwide. Of the 1,600 local franchised restaurants, around 70 per cent are concentrated in Texas, California, Louisiana, Florida, Illinois, Maryland, New York, Georgia, Virginia and Mississippi.
It has nearly 400 international franchised restaurants that are located in the Bahamas, Bahrain, Canada, China, Costa Rica, Northern Cyprus, Republic of Georgia, Germany, Guyana, Honduras, Hong Kong, Indonesia, Iraq, Jamaica, Jordan, Kuwait, Malaysia, Mexico, Panama, Peru, the Philippines, Qatar, Saudi Arabia, Singapore, South Korea, Suriname, Trinidad, Turkey, Vietnam, and United Arab Emirates.
Restaurant Brands is a Canadian multinational fast food company, which was formed by the $11.5 billion merger between Burger King and Canadian fast-food chain Tim Hortons. (See: Burger King to buy Canadian fast-food chain Tim Hortons for $11.5 bn) The Ontario-based company is the world's third-largest operator of fast food restaurants. Restaurant Brands is majority-owned by the Brazilian private equity firm 3G Capital.