WSMP, Inc., announced that it has acquired three more previously franchised Western Steer Steaks, Buffet and Bakery restaurants in the western half of North Carolina.
In March, WSMP purchased 14 restaurants from an individual who until that time was the company's largest franchisee. The recent acquisitions of three additional previously franchised locations brings the total of restaurants WSMP owns to 34. In addition, the company franchises 48 restaurants in eight states, with these including Western Steer Family Restaurants or Western Steer Steaks, Buffet and Bakery restaurants, Prime Sirloin(R) Buffet, Bakery and Steaks restaurants, Mom 'n' Pop's(R) Buffet & Bakery restaurants, and Bennett's(TM) Smokehouse and Saloon restaurants.
In the three most recent restaurant acquisitions WSMP took over ongoing restaurant operations and leased the sites with little capital being involved, according to David R. Clark, WSMP president and COO.
"A major reason that we were interested in all three of these locations is that they are within 60 miles of our corporate headquarters and are in or adjacent to markets that were already served by company-owned restaurants," Clark explained. "This further consolidated our position within our Restaurant Division's core market region and will further strengthen this division.
"The transition from franchised to company-owned locations went smoothly," Clark said. "We are pleased with the terms under which these three restaurants were acquired and we expect that their addition, combined with the group purchased earlier this year, will have a positive effect on our financial performance."
In addition to its Restaurant Division, WSMP is comprised of three food processing divisions.
The Mom 'n' Pop's(R) Bakery Division is the largest of the company's food processing operations, with the capacity to produce more than four million microwaveable sandwiches per week in its Claremont facility. The Mom 'n' Pop's(R) Home Meal Replacement Division, which WSMP announced in March it was creating, is starting to produce individually packaged, refrigerated meats, vegetables, desserts and other items for the growing home meal replacement market. WSMP's Ham Curing Division is one of the largest country ham producers in the nation.
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