Cleary Gottlieb is representing Wendy’s International LLC (Wendy’s) in the sale of substantially all of the business of NPC International Inc. (NPC), a Chapter 11 debtor, for a combined price of approximately $801 million.
Following a successful bankruptcy mediation process led by Judge Marvin Isgur, NPC reached separate purchase agreements with Wendy’s and Flynn Restaurant Group (Flynn). Under the terms of these agreements, a consortium organized by Wendy’s and comprising five current Wendy’s franchisees will acquire about half of NPC’s Wendy’s restaurants and Flynn will acquire the other half of NPC’s Wendy’s restaurants and over 925 of its Pizza Hut locations.
The transaction signed on January 7, 2021, and is expected to close in the first half of 2021 subject to customary closing conditions.
Wendy’s is primarily engaged in the business of operating, developing, and franchising a system of quick-service restaurants and currently operates more than 6,800 restaurants worldwide.