Dallas, Texas-based franchisee Ampex Brands, and its collective companies, has obtained a total of $60.5 million of financing including $51.5 million of business value secured term loans, $4 million of real estate secured term loans and a $5 million development line of credit. The loans were used to refinance the company’s existing debt, finance the acquisition of 76 Pizza Hut stores, including four fee properties, and provide capital for remodels and development of new restaurants.
Owned and operated by long-time franchisee Tabbassum Mumtaz, Ampex Brands now owns and operates 111 Pizza Hut restaurants, including the real estate underlying six of those restaurants, which are located in Texas, West Virginia, Kentucky, Ohio and Virginia. Ampex owns an additional 358 restaurants under the brands KFC, Tim Horton’s, Long John Silver's and Taco Bell.
Shriram Chokshi, managing director with Auspex, said the Pizza Hut sites acquired in the deal were top in the nation for AUVs and “ops metrics.” “Tabbassum won the bid largely due to his credibility to deliver and close on a timely basis,” said Chokshi. “This was a strategic acquisition in a strategic market and in an iconic brand...it puts him on the forefront of being a preferred buyer of restaurants for Pizza Hut and several other major QSR brands. I expect to see more acquisitions and further growth for Ampex in the near future."
