NPC International Completes Sale of Substantially All Assets
NPC International, Inc. (NPC or the Company) announced today that it has closed the sale transactions contemplated by its previously announced agreements with Flynn Restaurant Group (Flynn) and Wendys International, LLC (Wendys), which together have resulted in the sale of substantially all of NPCs assets to Flynn and five current Wendys franchisees.
NPC International, Inc. (“NPC” or the “Company”) announced today that it has closed the sale transactions contemplated by its previously announced agreements with Flynn Restaurant Group (“Flynn”) and Wendy’s International, LLC (“Wendy’s”), which together have resulted in the sale of substantially all of NPC’s assets to Flynn and five current Wendy’s franchisees. The Company’s separate asset purchase agreements with Flynn and Wendy’s were previously approved by the United States Bankruptcy Court for the Southern District of Texas (the “Court”) on January 20, 2021.
“I’d like to offer my sincere thanks to our employees across our shared services, Pizza Hut and Wendy’s teams for their incredible hard work, dedication and support, especially during the past year,” said Jon Weber, CEO of NPC’s Pizza Hut and Wendy’s divisions. “I have been so proud of the way our entire NPC team rose to the occasion time after time to keep our operations running smoothly and to continue serving our guests with excellence during a restructuring process in the midst of a global pandemic. I also want to express my deep appreciation and gratitude to the NPC management team and Board of Directors for their outstanding leadership and many contributions during this time. Finally, I’d also like to thank our team of capable advisors for their expert guidance and counsel, which along with the steadfast commitment and support of our creditors, was instrumental to our ability to successfully and efficiently complete the Chapter 11 process. Looking ahead, I’m confident that our Pizza Hut and Wendy’s teams are in capable hands with their new owners. I wish them great success with both brands.”
NPC currently expects that the Company’s previously confirmed Second Amended Joint Chapter 11 Plan will be consummated and become effective in the coming days.
Additional Information
The asset purchase agreements and all relevant Court filings and other documents related to the sale process and the restructuring process are available at http://dm.epiq11.com/NPC; or by calling NPC’s 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 [email protected].
Weil, Gotshal & Manges LLP is acting as NPC’s legal counsel, Greenhill & Co., LLC is acting as financial advisor, AlixPartners LLP is serving as restructuring advisor, A&G Realty is acting as real estate advisor to the Company, and The Cypress Group is acting as quick-service restaurant M&A advisor in connection with the transaction.
Gibson, Dunn & Crutcher LLP, Houlihan Lokey Capital, Inc., and Beyond Development Group are respectively acting as legal counsel, financial advisor, and quick-service restaurant development advisor to NPC’s senior secured lender group in connection with NPC’s restructuring.
About NPC International
NPC International, Inc., headquartered in Leawood, Kansas, was the largest franchisee of both Pizza Hut and Wendy’s 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.
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