020759 Burger King Sold to Buyout GroupJuly 27, 2002Burger King franchisees and employees breathed a collective sigh of relief with the announcement that the company will be sold by Diageo PLC for $2.26 billion to a buyout team led by Texas Pacific Group. The all-cash deal, expected to close during the fourth quarter of the calendar year, ends more than two years of uncertainty about the Miami-Dade fast-food chain's future. ''These are the guys we selected all along and who we felt would be the best buyer for the brand,'' said Al Cabrera, a Miami franchisee and member of the National Franchisee Association board of directors. ``They've worked closely with us, and they understand the business better than anyone else.'' Source: Various News Services
E-mail: sflanagan@sprintmail.com |
