{"id":410545,"date":"2021-01-07T10:04:40","date_gmt":"2021-01-07T15:04:40","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=410545"},"modified":"2021-01-07T10:04:40","modified_gmt":"2021-01-07T15:04:40","slug":"npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/","title":{"rendered":"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n.bwuline { text-decoration: underline }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business<\/b><\/p>\n<p class=\"bwalignc\"><i>Flynn Restaurant Group to Acquire NPC Pizza Hut Restaurants, Approximately Half of NPC\u2019s Wendy\u2019s Restaurants, and Substantially All of NPC\u2019s Shared Services Assets<\/i><\/p>\n<p class=\"bwalignc\"><i>Current Wendy\u2019s Franchisees to Acquire the Other Half of NPC\u2019s Wendy\u2019s Restaurants<\/i><\/p>\n<p class=\"bwalignc\"><i>Hearing to Approve Sale Agreements is Scheduled for January 15, 2021<\/i><\/p>\n<p>LEAWOOD, Kan.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nNPC International, Inc. (\u201cNPC\u201d or the \u201cCompany\u201d) announced today that, following a successful mediation process, the Company has reached separate asset purchase agreements with Flynn Restaurant Group (\u201cFlynn\u201d) and Wendy\u2019s International LLC (\u201cWendy\u2019s\u201d) which would result in the sale of substantially all of NPC\u2019s assets and pave the way for NPC to complete its chapter 11 restructuring.\n<\/p>\n<p>\nA hearing before the United States Bankruptcy Court for the Southern District of Texas (the \u201cCourt\u201d) to consider the approval of the sale transactions is currently scheduled for January 15, 2021.\n<\/p>\n<p>\nThe combined purchase price of the two sale transactions is approximately $801 million. The asset purchase agreements filed with the Court today provide for the following:\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nFlynn will acquire over 925 of NPC\u2019s Pizza Hut restaurants; about half of NPC\u2019s Wendy\u2019s restaurants; and substantially all of NPC\u2019s shared service assets.\n<\/li>\n<li>\nWendy\u2019s will acquire NPC\u2019s remaining Wendy\u2019s restaurants and assign the right to acquire restaurants to five current Wendy\u2019s franchisees (the \u201c<span class=\"bwuline\">Wendy\u2019s Purchasers<\/span>,\u201d and together with Flynn, the \u201c<span class=\"bwuline\">Purchasers<\/span>\u201d).\n<\/li>\n<\/ul>\n<ul class=\"bwlistdisc\">\n<li>\nThe Purchasers have agreed to offer positions of employment to all of NPC\u2019s restaurant field operations employees and substantially all other non-field NPC employees.\n<\/li>\n<\/ul>\n<p>\n\u201cThis is an excellent outcome for NPC\u2019s Wendy\u2019s restaurants and our team,\u201d said Carl Hauch, CEO &amp; President of NPC\u2019s Wendy\u2019s division. \u201cWe are very pleased that our restaurants will be joining the ranks of established, high performing restaurant franchise groups. We are grateful to Judge Isgur for his guidance during the mediation process and to Wendy\u2019s, Flynn, the Wendy\u2019s franchisee acquirers and our lenders for working diligently to allow for this result.\u201d\n<\/p>\n<p>\n\u201cWe are confident that NPC\u2019s Pizza Hut restaurants will be in very good hands as part of Flynn Restaurant Group,\u201d said Jon Weber, CEO &amp; President of NPC\u2019s Pizza Hut division. \u201cWe have developed excellent teams at our Pizza Hut restaurants around the country, and I\u2019m extremely proud of the way our organization rallied together in 2020 and maintained our commitment to delivering excellent quality and service.\u201d\n<\/p>\n<p>\n\u201cFlynn Restaurant Group has built our business over the last twenty plus years by focusing on managing superior operations with great teams of people at premier restaurant concepts,\u201d said Greg Flynn, Founder, Chairman and Chief Executive Officer of Flynn Restaurant Group. \u201cThe Pizza Hut and Wendy\u2019s restaurants we have agreed to acquire from NPC align perfectly with this strategy, and we\u2019re confident that our new team members will fit right in at Flynn Restaurant Group.\u201d\n<\/p>\n<p>\nSubject to Court approval, the execution of definitive documentation, and the approval of certain matters subject to Wendy\u2019s and Pizza Hut\u2019s consent of Flynn Restaurant Group as a new franchisee, the sale transactions are expected to close by the end of the second quarter of 2021.\n<\/p>\n<p><b>Additional Information<\/b><\/p>\n<p>\nAs previously announced, on July 1, 2020, NPC and certain of its affiliates and subsidiaries filed voluntary petitions to restructure under chapter 11. The asset purchase agreements and all relevant Court filings and other documents related to the sale process and the restructuring process are available at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fdm.epiq11.com%2FNPC&amp;esheet=52357891&amp;newsitemid=20210107005619&amp;lan=en-US&amp;anchor=http%3A%2F%2Fdm.epiq11.com%2FNPC&amp;index=1&amp;md5=1779ebe4704cdf06da011ef48439dab4\">http:\/\/dm.epiq11.com\/NPC<\/a>; or by calling NPC\u2019s restructuring information line at (855) 917-3563 (Toll free U.S.) or +1 (503) 502-4403 for (Non-U.S. Parties) or sending an email to <a rel=\"nofollow\" href=\"mailto:NPCInquiries@epiqglobal.com\">NPCInquiries@epiqglobal.com<\/a>.\n<\/p>\n<p>\nWeil, Gotshal &amp; Manges LLP is acting as NPC\u2019s legal counsel, Greenhill &amp; Co., LLC is acting as financial advisor, AlixPartners LLP is serving as restructuring advisor, A&amp;G Realty is acting as real estate advisor to the Company, and The Cypress Group is acting as quick-service restaurant M&amp;A advisor in connection with the transaction.\n<\/p>\n<p>\nDavis Wright Tremaine LLP and Kirkland &amp; Ellis LLP are serving as legal counsel to Flynn Restaurant Group LP.\n<\/p>\n<p>\nCleary, Gottlieb, Steen &amp; Hamilton LLP is acting as legal counsel, and Jefferies LLC is acting as financial advisor to Wendy\u2019s.\n<\/p>\n<p>\nMcDermott, Will &amp; Emery LLP is acting as legal counsel, and FTI is acting as financial advisor to Pizza Hut, LLC.\n<\/p>\n<p><b>About NPC International<\/b><\/p>\n<p>\nNPC International, Inc. is the largest franchisee of both Pizza Hut and Wendy\u2019s as well as the second largest restaurant franchisee overall in the U.S., operating over 1,300 restaurants in 30 states and the district of Columbia. The Company, which is headquartered in Leawood, Kansas and has a shared services center located in Pittsburg, Kansas, generates approximately $1.5 billion in sales and has more than 30,000 full and part time employees.\n<\/p>\n<p><b>About Flynn Restaurant Group LP<\/b><\/p>\n<p>\nWith more than 1,200 Applebee\u2019s, Taco Bell, Panera, and Arby&#8217;s restaurants generating $2.3 billion in sales and directly employing more than 48,000 people in 33 states, Flynn Restaurant Group is the largest franchise operator in the United States. Proforma for its acquisition of approximately 1,150 Pizza Hut and Wendy\u2019s restaurants from NPC, FRG will operate over 2,350 restaurants generating $3.5 billion in sales and employing more than 70,000 people in 45 states and the District of Columbia.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210107005619r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210107005619\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210107005619\/en\/<\/a><\/span><\/p>\n<p>\nSard Verbinnen &amp; Co.<br \/>\n<br \/>Steven Goldberg\/John Christiansen\/Alyssa Lorenzo<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:NPCMedia@sardverb.com\">NPCMedia@sardverb.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Kansas<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Retail Restaurant\/Bar Food\/Beverage<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\" \/>\n","protected":false},"excerpt":{"rendered":"<p>NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business Flynn Restaurant Group to Acquire NPC Pizza Hut Restaurants, Approximately Half of NPC\u2019s Wendy\u2019s Restaurants, and Substantially All of NPC\u2019s Shared Services Assets Current Wendy\u2019s Franchisees to Acquire the Other Half of NPC\u2019s Wendy\u2019s Restaurants Hearing to Approve Sale Agreements is Scheduled for January 15, 2021 LEAWOOD, Kan.&#8211;(BUSINESS WIRE)&#8211; NPC International, Inc. (\u201cNPC\u201d or the \u201cCompany\u201d) announced today that, following a successful mediation process, the Company has reached separate asset purchase agreements with Flynn Restaurant Group (\u201cFlynn\u201d) and Wendy\u2019s International LLC (\u201cWendy\u2019s\u201d) which would result in the sale of substantially all of NPC\u2019s assets and pave the way for &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-410545","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business Flynn Restaurant Group to Acquire NPC Pizza Hut Restaurants, Approximately Half of NPC\u2019s Wendy\u2019s Restaurants, and Substantially All of NPC\u2019s Shared Services Assets Current Wendy\u2019s Franchisees to Acquire the Other Half of NPC\u2019s Wendy\u2019s Restaurants Hearing to Approve Sale Agreements is Scheduled for January 15, 2021 LEAWOOD, Kan.&#8211;(BUSINESS WIRE)&#8211; NPC International, Inc. (\u201cNPC\u201d or the \u201cCompany\u201d) announced today that, following a successful mediation process, the Company has reached separate asset purchase agreements with Flynn Restaurant Group (\u201cFlynn\u201d) and Wendy\u2019s International LLC (\u201cWendy\u2019s\u201d) which would result in the sale of substantially all of NPC\u2019s assets and pave the way for &hellip; Continue reading &quot;NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-07T15:04:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210107005619r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; 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Transactions Would Result in Sale of Substantially All of NPC\u2019s Business - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/","og_locale":"en_US","og_type":"article","og_title":"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business - Market Newsdesk","og_description":"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business Flynn Restaurant Group to Acquire NPC Pizza Hut Restaurants, Approximately Half of NPC\u2019s Wendy\u2019s Restaurants, and Substantially All of NPC\u2019s Shared Services Assets Current Wendy\u2019s Franchisees to Acquire the Other Half of NPC\u2019s Wendy\u2019s Restaurants Hearing to Approve Sale Agreements is Scheduled for January 15, 2021 LEAWOOD, Kan.&#8211;(BUSINESS WIRE)&#8211; NPC International, Inc. (\u201cNPC\u201d or the \u201cCompany\u201d) announced today that, following a successful mediation process, the Company has reached separate asset purchase agreements with Flynn Restaurant Group (\u201cFlynn\u201d) and Wendy\u2019s International LLC (\u201cWendy\u2019s\u201d) which would result in the sale of substantially all of NPC\u2019s assets and pave the way for &hellip; Continue reading \"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; Transactions Would Result in Sale of Substantially All of NPC\u2019s Business\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-07T15:04:40+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210107005619r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/npc-international-reaches-separate-asset-purchase-agreements-following-successful-mediation-transactions-would-result-in-sale-of-substantially-all-of-npcs-business\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"NPC International Reaches Separate Asset Purchase Agreements Following Successful Mediation; 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