Restaurant Brands New Zealand has completed the acquisition of QSR Pty Limited and has issued five million new ordinary shares to Eyeon QSR Pty Ltd in partial payment of the acquisition price.
The shares issued to Eyeon are subject to a 12-month escrow period, during which they cannot be sold (subject to certain limited exceptions).
Restaurant Brands announced the company’s board has appointed property developer and KFC franchisee, Stephen Copulos as director. Copulos will stand for election by shareholders at Restaurant Brands’ next annual meeting.
On March 3, Restaurant Brands announced conditional agreement to purchase the largest KFC franchise in New South Wales for $A82.4 million. The deal will see Restaurant Brands acquire 100 per cent of shares in QSR, an Australian company which owns and operates 42 KFC stores in New South Wales.
Ted van Arkel, Restaurant Brands chair, previously said the acquisition is an opportunity for the company to gain a scale position in the New South Wales quick service restaurant market, leveraging their strong relationship with Yum! Restaurants International and successful track record owning and operating KFC stores.
QSR’s KFC stores are located in Sydney and New South Wales regional locations with QSR KFC franchisee for the past 17 years. Restaurant Brands said the stores currently generate annual sales of $A100 million and store EBITDA in excess of $A15 million.
Restaurant Brands operates the KFC, Pizza Hut, Starbucks and Carl’s Jr franchises in New Zealand, of which KFC is its biggest earner, generating almost three-quarters of sales.
