The owners of KFC, Pizza Hut, Taco Bell and Wing Stop, Yum! Brands, has acquired The Habit Burger for $375 Millions. Habit will be Yum! Brand’s first burger joint.
The 300 location restaurant is a huge get for Yum! Brands. Habit is based out of Irvine, California and will remain there under current CEO, Russell Bendel.
“We’ve emerged from our three-year transformation stronger and in a better position to accelerate the growth of our brands and leverage our scale to unlock value from strategic acquisition,” Yum! Chief Executive Officer David Gibbs said in the memo. “As a fast-casual concept with strong unit economics, The Habit Burger Grill is a fantastic addition to the Yum! family and has significant untapped growth potential in the U.S. and internationally.” (Yahoo.com).