Louisville, Kentucky-based Tricon Global Restaurants today [Tuesday] announced it has signed a definitive agreement to acquire Long John Silver’s and A&W All American Food Restaurants, owned by Yorkshire Global Restaurants (YGR), for US$320m in cash.


David C. Novak, Tricon chairman and CEO, explained that the restaurant giant’s major strategy is to lead the way in multibranding (offering the consumer two brands in one restaurant): “We have tested and proven the unique power of offering the seafood category’s leading quick service brand, Long John Silver’s, and the heritage of A&W’s all-American hamburgers, hot dogs and legendary root beer floats to our existing KFCs and Taco Bells.


“Our acquisition was based on proven test results that drove significant increases in average unit volumes and profits. We are confident multibranding is a key enabler for accelerating the renewal of our existing asset base and adding new units with excellent returns for our shareholders.


“We also expect a very successful integration given we have been working together for over two years, know the operations and will retain the top management and their core teams.”


In 2000, Tricon entered into a license agreement with Yorkshire to test multibranding options. Since then, the two companies have opened 83 KFC/A&Ws, six KFC/Long John Silver’s and three Taco Bell/Long John Silver’s. Results are extremely positive, with returns well above Tricon’s cost of capital.

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Sid Feltenstein of YGR added: “By joining forces with Tricon, we believe Long John Silver’s and A&W will become true national brands much more rapidly than if we remained a stand-alone company.


“We will also be able to capitalize on Tricon’s strengths that we do not have now, and as a practical matter, could not dream of having for years to come, including human resource programs, purchasing power and far greater marketing and product development resources. This is a perfect win-win partnership for our systems.”


The acquisitions are subject to regulatory approval and other customary closing conditions.

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