August 12, 2009
Private equity firm completes Church's Chicken acquisition
San-Francisco-based private equity firm Friedman Fleischer & Lowe has completed its deal to acquire Church's Chicken from Arcapita Bank.
Financial terms were not disclosed.
Harsha Agadi, president and CEO of Church's Chicken, said they look forward to further mapping out long-term growth plans both internationally and domestically with Friedman Fleischer & Lowe.
Arcapita Bank B.S.C. bought Church's Chicken in 2004, and has been looking for cash injections since January when its credit rating was cut to "junk" status by Standard and Poor's.
Church's Chicken operates under Texas Chicken and its namesake brand, and has more than 1,600 locations in 22 countries worldwide, with nearly US$1.2 billion in annual system sales.
