Industry News | May 19, 2000

Interfoods to Acquire 71 Popeye's

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Interfoods of America Inc., (OTCBB:IFDA), announced May 18 it has entered into a purchase agreement to acquire 71 additional operating Popeye's Chicken & Biscuits stores for an undisclosed price.

All 71 stores are being acquired from RMS Family Restaurants Inc., based in Macon, Ga. The majority of the stores are located in central and north Florida with the balance in southern Georgia. It is anticipated the closing will take place at the end of July, which will give Interfoods a total of 162 open and operating Popeye's.

"We are excited about our Popeye's employees teaming up with a growth-oriented, customer focused company like Interfoods of America Inc," said Allen Peake, the CEO for the seller, RMS Family Restaurants, Inc. "This transaction will provide wonderful opportunities for our valued employees and accelerate development of the Popeye's brand in the markets in which we currently operate. The joining together of the two largest Popeye's franchisees will only strengthen the Popeye's system."

"We are extremely enthusiastic about this new acquisition for the company and look forward to welcoming all the field level employees into the Interfoods family. Geographically, you couldn't ask for a better situation with the new stores filling right in between some of our key existing markets," stated Robert S. Berg, chairman and CEO for Interfoods of America, Inc.

Interfoods of America Inc., is the largest Popeye's Chicken & Biscuits franchise partner in the United States with 91 restaurants located in five states. Through the development of new restaurants and the acquisition of existing restaurants, Interfoods of America Inc., has grown from 11 restaurants in the Miami area to 91 restaurants in six markets over the past few years.

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.