Tasty Chick’n has concluded the acquisition of 90 franchised KFC restaurants located across eight US states.
The company is an affiliate of private equity firm Triton Pacific Capital Partners (Triton Pacific).
15 co-branded KFC and Taco Bell stores are included in the acquired portfolio.
The financial details of the deal were not disclosed.
Triton Pacific CEO Craig Faggen said: “We are thrilled to expand our relationship with Yum! Brands and are enthusiastic about the future growth opportunity this transaction affords.
“KFC is a long-standing leader within the chicken category for quick-service restaurants. The industry, however, remains highly fragmented, and the opportunity to purchase a sizable, well-established business such as this is limited.
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“As a platform investment, we view tremendous growth potential through add-on acquisitions and new unit development.”
The deal will further strengthen Tasty Chick’n’s footprint and support the growth of the brand within the KFC ecosystem.
The transaction follows the acquisition of 21 Dunkin’ stores in July last year.
Tasty Restaurant Group, an affiliated restaurant management company, focuses on the management of portfolio companies controlled by Triton Pacific.
On behalf of Triton Pacific sponsored funds, it manages a portfolio of approximately 370 quick-service restaurant brands, including Pizza Hut, Burger King, Dunkin’, Baskin-Robbins and KFC, across 16 US states.
Last November, KFC launched its Quick Pick-Up service, which enables customers to collect orders without waiting in drive-thru lines. The service aims to eliminate wait times for drive-thru customers and streamline pick-ups.