Interfoods of America Inc. (OTCBB:IFDA). The Company announced it 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.
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Robert S. Berg, Chairman and CEO of Interfoods of America Inc., stated, “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. 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.
Popeye’s Chicken & Biscuits is the second-largest chicken chain in the world in terms of sales. It offers unique Cajun, or New Orleans, style chicken along with side dishes that include red beans and rice, shrimp and crawfish, as well as mashed potatoes and gravy. The brand has a presence in 40 states and 23 countries worldwide.
Information in this release relating to expansion plans, estimates of market sizes and demands for the company’s products as well as other future events, may contain forward-looking statements subject to certain risks and uncertainties that may cause actual results to differ materially. These matters are more fully presented in periodic reports the company files with the Securities and Exchange Commission, including forms 10-KSB, 10-QSB Annual And Quarterly reports and other such filings. These forward-looking statements speak only as of the date hereof. The company disclaims any intent or obligation to update the forward-looking statements.
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