The Wendy’s Co. has completed the purchase of 30 franchised restaurants in the Austin, Texas, market from longtime operators Dave and Jason Near.
According to an 8-K filing with the Securities and Exchange Commission, Wendy’s paid $19.8 million in cash to Pisces Foods LP, Near Holdings LP, and Dave and Jason Near for the business. The Near brothers will retain ownership of 23 parcels of real estate and lease the properties back to Wendy’s.
In an email to Nation’s Restaurant News, Wendy’s spokesman Bob Bertini said the acquisition fits into Wendy’s long-term growth strategy of acquiring franchised restaurants in certain markets and refranchising corporate units in others.
RELATED
• Wendy's cuts forecast after 'disappointing' 1Q results
• Wendy's debuts Signature Sides
• More restaurant industry business news
“We intend, however, to operate the Austin market as a company market,” Bertini wrote. “Austin is a strong market for Wendy’s, and this gives us an opportunity to test new products and other major new initiatives.”
Dave and Jason Near have operated Wendy’s restaurants in the Austin area since 1995 and are the sons of Jim Near, who was president, chief executive and chairman of Wendy’s in the 1980s and 1990s. Jim Near passed away in 1996, and the company honored his memory by establishing the Jim Near Legacy Award.
Dave Near was elected president of the Wendy’s Franchise Advisory Council in 2005 and was appointed chief operating officer of Wendy’s International Inc. in 2006, a role in which he served until 2008.
Dublin, Ohio-based Wendy’s operates or franchises more than 6,500 restaurants in the United States and 27 foreign markets.
Contact Mark Brandau at mark.brandau@penton.com.
Follow him on Twitter: @Mark_from_NRN