The Wendy’s Co (NASDAQ:WEN) build more bridges to Junior Bridgeman
Junior Bridgeman, the former well-known professional basketball player has now become the 1st existing The Wendy’s Co (NASDAQ:WEN) franchisee to acquire some company-owned locations in the brands 425 unit refranchising effort that was announced recently. Bridgeman is one of the most prominent athlete franchisees of the restaurant industry.
Last week, he bought 30 Wendy’s units located in the St Louis market via BB St Louis, which is a Bridgeman and Chauncey Billups’ partnership. The latter is a point-guard for the Detroit Pistons and also a 16 year veteran of the NBA. This deal is a first for Billup in the restaurant industry. This acquisition takes the total number of WEN restaurants that are operated by Bridgeman, to 196.
Apart from this, he also operates over 100 Chillie’s locations and numerous Fazoli’s units. This latest Wendy’s deal includes twenty six exiting units and 1 location that is still under construction.
WEN disclosed that this acquisition also includes a development-plan for some new locations in the same area. There is also a requirement to have some of the Wendy units remodeled. This is part of the company’s “Image Activation” prototype design.
In a statement, Emil Brolick, the company’s Chief executive officer said that they are expanding their relationship with well-capitalized and successful franchisees that have solid operating-credentials, an outstanding operator and one who is highly committed to the company’s Activation reimaging program.
Old business partners
He added that the company had a long-standing relationship with Bridgeman and that he was truly an exceptional person. He also said that they are very eager to also welcome Chauncey into the WEN fold. Wendy had earlier started its re-franchising effort with a $9.3M sale of 24 of its locations situated in Kansas City Market, to NPC International company. The latter is the largest Pizza Hut franchisee in the country. The acquisition was closed in the middle of July.