Yum! Brands announced the completion of its acquisition of The Habit Restaurants (“The Habit Burger Grill”), following the approval by the latter’s stockholders. It is the first fast-casual concept brought into Yum! Brands’ portfolio.
The world’s largest restaurant company paid in cash a total of USD375m, or USD14 per share, acquiring all of the issued and outstanding common shares, according to BusinessWire.
California-based The Habit Burger Grill was named Best Regional Fast Food in USA Today’s 2019 Best Reader’s Choice Awards. It operates nearly 300 company-owned and franchised restaurants across the United States and in China.
After the completion of the transaction, The Habit Burger will continue to be managed by President and CEO Russel Bendel and be operated as an independent brand.
“Today marks an important milestone in our company’s history as we officially welcome The Habit Burger Grill to the Yum! family,” David Gibbs, CEO of Yum! Brands said. “The Habit Burger Grill is a sweet spot within fast-casual because of its delicious California-inspired menu with premium ingredients at a QSR-like value, strong unit economics, and tremendous untapped growth potential in the U.S. and internationally. We couldn’t be more excited about what the future holds for The Habit Burger Grill and believe our acquisition of this trend-forward brand is a ‘win-win-win’ all around.”
Yum! Brands has over 50,000 restaurants in more than 150 countries, primarily operating the company’s flagship brands – KFC, Pizza Hut, and Taco Bell.