SAN DIEGO Jack in the Box Inc. outlined this week six refranchising deals that resulted in the sale of 46 corporate units for a total of $17.2 million during the company’s March-ended second quarter.
The moves, all part of the company’s ongoing plan to expand franchising levels within its 2,180-unit Jack in the Box chain, included $3.3 million in bridge and mezzanine financing that the San Diego-based company provided for two of the six transactions. The details of the latest deals were released Wednesday.
For the first six months of the company’s fiscal year, 75 corporate Jack in the Box locations were sold to franchisees for a total of $35.6 million. The chain is now 41 percent franchised, and company officials have said that between 70 percent and 80 percent of the system should be franchise operated by the end of 2013.
During the latest quarter, three existing franchise operators purchased 20 units in Southern California. Among them were David Beshay and Sam Fong, who collectively own 27 units and who purchased an additional seven in the Temecula, Calif., area.
Franchisees Lee and Erh-Mei Su acquired five of the company stores, bringing the total that they operate to 20 in the Los Angeles area.
John and Hisayo Maki, who owned eight units in Los Angeles, acquired an additional eight there.
Jack in the Box also sold three units in San Jose, Calif., to Millie Wang, a veteran Jack in the Box operator who has six restaurants in that market.
In Texas, the company sold 23 restaurants in the Dallas and Houston areas. Franchisees Tanzeem Rizvi, who owned five stores in Dallas, bought three; and Atour Eyvazian and Anil Yadav, who collectively own 82 units, purchased an additional 20.
The San Diego-based Jack in the Box also operates and franchises the 480-unit Qdoba Mexican Grill chain.
Contact Lisa Jennings at [email protected].
