Popeyes Louisiana Kitchen, Inc., (NASDAQ:PLKI) yesterday announced the purchase of the core proprietary recipes that made it famous from Diversified Foods and Seasonings, L.L.C. (DFS), the supply company owned by the estate of Al Copeland, Sr., Popeyes founder. Beginning 42 years ago in New Orleans, Al Copeland created a concept that would bring the flavors and traditions of Louisiana cooking to the world. Today that tradition continues as Popeyes reunites the recipes with the brand, securing forever its ability to provide that unique, slow-cooked, Louisiana experience for guests worldwide.
“This is an exciting and historic event representing a win for everyone involved,” said Cheryl Bachelder, CEO of Popeyes. “We now have the recipes in house in perpetuity, and we thank the Copeland family for helping bring together the treasured recipes Popeyes is known for with the brand so beloved by its guests.”
At the time of the company's formation in 1992, the brand and the recipes were separated, with the company assuming a license agreement with family entities owned by Al Copeland, Sr. to enjoy the exclusive use of the Popeyes recipes. This arrangement remained in place until the consummation of today’s transaction. Al Copeland, Jr. and Popeyes worked side-by-side to bring the brand and the recipe back together.
“Reuniting the recipe with Popeyes strengthens the relationship between the Copeland family and Popeyes,” said Al Copeland, Jr. “The transaction will allow DFS to focus on what we do best for Popeyes, producing and innovating the highest quality products, including cooked foods, spices, and breading systems. This agreement is right for Popeyes and right for the Copeland family.”
The purchase was completed June 16, 2014.
Founded in 1972 in New Orleans, Popeyes is a leader in the New Orleans segment of the foodservice industry and is the world's second largest quick-service chicken concept based on the number of units. As of April 20, 2014, Popeyes had 2,248 operating restaurants operating in the United States, Puerto Rico, Guam, the Cayman Islands and 27 foreign countries.
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