Private equity firm to buy Church's Chicken
June 17, 2009
by Eric Schroeder
SAN FRANCISCO — Friedman Fleischer & Lowe, L.L.C., a private equity firm based in San Francisco, reached agreement to acquire Church’s Chicken from Arcapita Bank B.S.C. Financial terms of the transaction were not disclosed.
With more than 1,600 outlets worldwide in 22 countries and system sales of nearly $1.2 billion, Church’s Chicken is one of the largest quick-service chicken restaurant concepts operating under two brands: Church’s Chicken and Texas Chicken.
"The acquisition of Church’s Chicken represents an opportunity to apply our sector expertise to enhance the value of an outstanding quick-service restaurant chain," said David L. Lowe, vice-chairman of Friedman Fleischer & Lowe, which also operates Discovery Foods Holding Corp. "We are impressed by Church’s global footprint, compelling value positioning, history of industry-leading same store sales growth, and of course the opportunity to further expand domestically and internationally."
Arcapita acquired Church’s Chicken from AFC Enterprises, Inc. in December 2004.