Popeyes buys its recipes in $43 million deal
NEW ORLEANS - The Atlanta-based company that franchises Popeyes fried chicken restaurants has purchased the recipes for many of the dishes served in those restaurants from Louisiana-based Diversified Foods and Seasonings for $43 million.
Diversified is owned by the estate of the chain's founder, Al Copeland.
Popeyes Louisiana Kitchen Inc. announced the purchase in a news release. The statement said the deal eliminates the $3.1 million annual royalty Popeyes was previously scheduled to pay Diversified until 2029.
Copeland founded what became the Popeyes chain in 1972 in a New Orleans suburb. He lost the company in a 1990s bankruptcy case after his ill-fated acquisition of the competing Church's chicken chain in 1989.
However, he retained the exclusive contract to supply spices to Popeyes through Diversified Foods and Seasonings.
Copeland died in 2008.
Image : suhakri_hsu [CC-BY-SA-2.0] via Flickr
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