Overland Park, KS-based KBP Foods LLC, one of the nation’s largest KFC franchisees, added 24 more locations to its portfolio as part of an ongoing plan to grow by acquisition.
The agreement brings KBP’s unit count to 247 locations. All of the restaurants are KFC units, with a large portion of dual-branded locations among them. The newly acquired restaurants are located in Kansas, Missouri and Florida.
KBP said the acquisition is the first deal since the company was recapitalized in a management buyout of its private-equity owners in April.
Terms of the deal were not disclosed. The 24 units were sold by D-Carr Investments and related entities, and all are base KFC units, with some as co-branded locations, including five KFC/Taco Bell locations, four KFC/Long John Silver’s units, and one KFC/Pizza Hut Express restaurant, said Monica Reinert, KBP director of communications.
Barry Dubin, KBP chief development officer, said in a statement that growing by acquisition has been successful.
“With our recent recapitalization, we are continuing to seek out opportunities for KBP to add 50 to 60 new units a year over the next five years,” Dubin said.
Reinert said the company is in talks for another acquisition this year, although it will likely be outside Yum! Brands Inc.
KBP first invested in KFC as the Louisville, Ky.-based company refranchised, Reinert said. With that refranchising effort now complete, KBP will look to expand with other brands, but the company is not yet ready to reveal the direction it’s headed, she said.