Restaurant Brands International (RBI) has announced their intention to acquire Popeyes Louisiana Kitchen for $1.8 billion in cash. The Canadian multinational company owns other quick-service restaurant brands, including Tim Hortons and Burger King.
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” said Daniel Schwartz, CEO of RBI. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong US and international prospects for growth.”
Currently one of the largest fast food chicken restaurants, Popeyes was founded in New Orleans in 1972. In its 45 year history, the food chain has opened 2,600 locations in the US and 25 other countries around the world.
“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,” continued Schwartz. “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.”
Once the deal closes, the Popeyes locations will continue to be managed independently in the US. RBI plans to further develop the brand within the US, as well as internationally.
“I am proud of the superior results the Popeyes team has delivered in recent years; they have served all stakeholders well,” said Cheryl Bachelder, CEO of Popeyes. “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.”