Popeyes Louisiana Kitchen is about to get a new owner.
Restaurant Brands International Inc., owner of Burger King and Tim Hortons, announced it would acquire Popeyes Louisiana Kitchen for $1.8 billion in cash.
"Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” said Daniel Schwartz, CEO, Restaurant Brand International, which operates more than 20,000 locations under the Burger King and Tim Hortons banners. "With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth. 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.”
Following the closing of the transaction, Popeyes will continue to be managed independently in the United States.
Based in Atlanta and Oakville, Ontario Restaurant Brands was formed in 2014, when 3G Capital-backed Burger King acquired Canada’s Tim Hortons for $11 billion.
Popeyes, which was founded in New Orleans area in 1972, operates more than 2,600 restaurants, of which 1,600 are in the United States.
Cheryl Bachelder, CEO of Popeyes, said, " 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."