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$400M Flips Chicken Franchise

ATLANTA-The chain of chicken restaurants trades for nearly $400 million in a deal expected to close by year-end.

By Ian Ritter | Updated on November 01, 2004

Ian Ritter is national online editor for GlobeSt.com/RETAIL.

ATLANTA-Private equity firm Crescent Capital Investments is buying the Church’s Chicken chain from AFC Enterprises for $390 million. Church’s operates 283 units and franchises another 953 in 29 states, as well as an additional 300 restaurants in 15 countries.

The deal consists of $383 million in cash and a $7 – million subordinated note. The parties expect to close the acquisition by the end of the year. SunTrust Bank and Drawbridge Special Opportunities Fund LP are funding the deal.

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