Interfoods of America Inc. (OTCBB:IFDA) has closed its transaction to acquire 71 Popeyes Chicken & Biscuits units from RMS Family Restaurants Inc.
In addition to acquiring the operating units, the company also acquired approximately 32 of the fee properties on which the stores operate. The stores are located in central and north Florida and also southern Georgia. Additional development rights were also acquired to build an additional 56 units over the next seven years.
“Over the next six to twelve months, as these newly acquired stores are assimilated into our system, we expect they will significantly add to our top line and bottom line performance, said Robert Berg, chairman and CEO of Interfoods of America Inc. “We believe that geographically and operationally, these new stores represent a perfect strategic fit for our existing operations in six other states mainly in the Southeast.”
Interfoods of America Inc. is the largest Popeyes Chicken & Biscuits franchise partner in the world with 163 restaurants located in seven 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 162 restaurants in six markets over the past four years.