AB Private Credit Investors ("AB-PCI") closed an upsizing of its senior secured credit facility for KBP Foods ("KBP"), from $146,500,000 to $227,500,000. The increased commitments funded a recent acquisition of 85 KFC and Taco Bell restaurants in Louisiana, Oklahoma, Arkansas, Alabama, Tennessee and Ohio. The credit facility also provides capital for future growth.
In 2016, KBP acquired 91 restaurants, and it expects to acquire additional restaurants during the rest of 2017. The company now operates 450 restaurants in 20 states.
Michael Kulp, President and CEO of KBP said, "We remain focused on strategic growth that creates value for our business and career advancement opportunities for our employees. AB-PCI has shown itself to be a financial partner that's capable of supporting this growth. This credit facility provides us with the funding we need to continue to execute our business plans."
About Company: KBP owns and operates 450 restaurants in 20 states under franchise agreements primarily with KFC and Taco Bell. The company is one of the largest domestic Yum! Brands franchisees and among the top 20 largest restaurant franchisees of any brand in the United States. www.kbp-foods.com
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