Popeyes buys its recipes in $43 million deal
June 17, 2014 12:00 PM | 876 views | 0 0 comments | 13 13 recommendations | email to a friend | print
NEW ORLEANS (AP) — 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.



Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments
(0)
Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, and spam will also be rejected. Please read our terms of service for full guides