Greenhill & Co is acting as financial advisor and AlixPartners is serving as restructuring advisor to NPC in a stalking horse asset purchase agreement with Flynn Restaurant Group.
Flynn agreed to acquire substantially all of NPC’s assets in a sale process under Section 363 of the U.S. Bankruptcy Code.
Under the terms of the APA, Flynn would acquire all of NPC’s more than 1,300 Pizza Hut and Wendy’s restaurants across the country as well as NPC’s shared services assets for $816 million. Flynn committed to offer employment to substantially all of NPC’s more than 30,000 full- and part-time employees.
Founded in 1999 and headquartered in San Francisco, Flynn operates more than 1,200 Applebee’s, Taco Bell, Panera and Arby’s restaurants.
“This is a significant step in our restructuring process, and we are very pleased to have reached this agreement with Flynn, which validates the strong value and long-term potential of NPC’s business,” Jon Weber, CEO and president of NPC’s Pizza Hut division, said. “As we continue to work through the sale process and solicit bids for our assets from other interested parties in accordance with the court approved bidding procedures, our restaurants across the country will remain open.”
“An important aspect of the stalking horse agreement is Flynn’s commitment to offer employment to substantially all of NPC’s employees,” Carl Hauch, CEO and president of NPC’s Wendy’s division, said. “We are pleased that Flynn recognizes the unique value of our team of employees, and we are tremendously proud of the commitment our employees have shown during this challenging year as we navigate the effects of the COVID-19 pandemic.”
“We are very excited about the possibility of acquiring NPC’s portfolio of Pizza Hut and Wendy’s restaurants as well as its shared services division,” Greg Flynn, founder, chairman and CEO of Flynn Restaurant Group, said. “These are great assets and iconic restaurant brands, and we are confident we can maximize the long-term value of the business as we continue to pursue our goal of being the premier franchise group in the restaurant industry.”
