Tim Hortons’ Parent Company Set to Buy Popeye’s Restaurant Chain
Here's an interesting—but perhaps not entirely unexpected—development in the foodservice world.
Restaurant Brands International (the parent company that operates such well-known chains as Tim Hortons and Burger King) recently announced that it has reached an agreement to acquire Popeyes Louisiana Kitchen.
The agreement involves Restaurant Brands International (RBI) purchasing Popeyes for $1.8 billion (or $79 per share).
“Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests 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," said Daniel Schwartz, Chief Executive Officer of RBI, said in a statement. "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.”
While the news might be surprising for some, it's not terribly unexpected—especially in light of the fact that RBI has shown ambitious growth plans in the past. It purchased Tim Hortons in 2014.
Although Popeyes might not be quite as famous as, say, KFC, it's been around for some time. Founded in New Orleans in 1972, the brand is one of the world's largest quick-service restaurant chains and operates over 2,600 locations worldwide.
After the acquisition, the brand will continue to be managed independently in the U.S.
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