Overland Park-based NPC International Inc., the largest Pizza Hut franchisee, is taking a bigger bite in Wendy’s.
NPC has announced an agreement to buy 62 Wendy’s restaurants for $52.6 million from Valenti Mid-Atlantic Managment LLC. The units to be acquired are in south-central Pennsylvania, in the Harrisburg and Allentown areas.
As part of the transaction, NPC said it plans to remodel some of the restaurants in Wendy’s new format.
NPC also said it agreed to acquire six property locations from Valenti for $3.6 million.
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The restaurants will be owned and operated by NPC Quality Burgers Inc., an NPC subsidiary.
NPC operates about 1,152 Pizza Hut restaurants and delivery centers in 27 states, primarily in the Midwest, South and Southeast. It also operates 184 Wendy’s restaurants in five states.
The purchase is expected to be completed in late April, pending several approvals, iincluding one from The Wendy’s Co.
“This acquisition will be our seventh acquisition in the Wendy’s system since 2013 and will increase our holdings to 246 restaurants with expected annual revenue exceeding $350 million,” or about 30 percent of NPC’s total consolidated revenue, Jim Schwartz, the company’s chairman and chief executive officer said in a statement.
NPC is largely owned by an entity controlled by Olympus Growth Fund V L.P.