In a move that pushes Jack in the Box Inc. closer to its goal of becoming up to 80-percent franchised, J&D Restaurant Group Inc. acquired 37 of the chain’s corporate locations in Texas.
The deal, which was funded in part by $13.2 million from GE Capital Franchise Finance, closed in June. The units were among a total of 112 corporate locations Jack in the Box refranchised during the third quarter, which ended with the chain about 67-percent franchised.
The company also revised its full-year guidance to reflect the expectation that between 250 and 300 units will be sold to franchisees by year’s end.
J&D Restaurant Group, based in Dallas, is a new Jack in the Box franchisee. The company operates 11 restaurants under the Church’s Chicken, Arby’s and Dickey’s Barbecue brands.
The 37 Jack in the Box locations acquired included units in Waco and Tyler, Texas, said Brian Luscomb, a spokesman for the San Diego-based franchisor.
Zafar “Jeff” Moosa, J&D Restaurant Group president, said he is looking at markets in Texas, Oklahoma and other states where the franchisee may expand the brand or pick up other refranchised locations.
“We’re very pleased with the Jack in the Box brand and the company,” he said. “And with GE’s support, we were able to close the deal within 30 days.”