Church’s Chicken Selling To Friedman Fleischer – Source
Arcapita has agreed to sell restaurant operator Church’s Chicken to Friedman Fleischer & Lowe, according to a source close to the situation. The deal, advised on the sell side by Bank of America, represents a rare exit of a stable, growing company. Church’s Chicken has annual revenues that have grown between 8% and 10% through the recession as consumers trade down to less expensive dining. Within the past two weeks, San Francisco-based Friedman Fleischer was selected as the winning bidder from an auction that started with as many as ten buyout suitors, the source said. In April peHUB reported the sellers had narrowed the bidding pool to three or four parties. At the time, Atlanta-based Arcapita was seeking a full valuation of up to 8x Ebitda for the company.
