The bakeries are located in 40 states, the District of Columbia, Puerto Rico and 26 foreign countries, the company says in a prepared statement. The deal is expected to close in the fourth quarter. New York-based Bear, Stearns & Co. Inc. was the financial advisors to AFC in the transaction.
AFC is the franchisor and operator of 4,087 restaurants, bakeries and cafes in the US, Puerto Rico and 38 foreign countries under the brand names Popeyes Chicken & Biscuits, Church's Chicken and Cinnabon. AFC also franchises Seattle's Best Coffee cafes (Starbucks Corp.) in Hawaii, on military bases and internationally.
Focus Brands is an affiliate of locally based Roark Capital Group which owns majority stakes in franchised consumer brands such as Carvel, Fast Signs and Money Mailer.
AFC chairman and CEO Frank Belatti says the Cinnabon brand, founded in Seattle in 1985, is considered the market leader among cinnamon roll bakeries. The Cinnabon bakery system generated $200 million in 2003 sales.
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