Yum! Brands has bought California-based The Habit Burger Grill, adding its first fast-casual burger chain to its portfolio which already includes KFC, Pizza Hut and Taco Bell
The company says it has bought all of The Habit Burger Grill’s issued and outstanding common shares in a deal worth US$375 million.
“The Habit Burger Grill is a sweet spot within fast-casual because of its delicious California-inspired menu with premium ingredients at a QSR-like value, strong unit economics and tremendous untapped growth potential in the US and internationally,” said David Gibbs, CEO of Yum! Brands.
As a subsidiary of Yum! Brands, The Habit Burger Grill will continue to be run as an independent brand, the company said in a statement.
President and CEO of The Habit Burger Grill, Russell Bendel, said, being part of Yum! will take The Habit Burger Grill to the next level by leveraging Yum!’s global scale, resources and franchising capabilities to strengthen and significantly grow our beloved brand for many years to come.”
Founded in California in 1969, fast-casual restaurant concept The Habit Burger Grill operates about 300 restaurants across 13 states in the US.