Restaurant Brands New Zealand Ltd. said Tuesday it plans to buy Pacific Island Restaurants, the largest fast-food operator in Hawaii, for $105 million.
Restaurant Brands Chairman Ted van Arkel said in a statement that the two franchises are leaders in the quick-service food categories in Hawaii, and said the company is looking forward to driving the next phase of growth in Hawaii, Guam and Saipan.
“In particular, Restaurant Brands is excited to gain exposure to Taco Bell, a brand with attractive margins and a product offering that has worldwide appeal,” Arkel said. “We have nearly 20 years’ experience successfully operating the Pizza Hut brand in New Zealand and will look to leverage this experience to drive the Hawaiian franchise’s continued performance.”
Restaurant Brands CEO Russel Creedy said this acquisition provides an entry point into the Hawaii market which “is currently benefitting from positive economic growth."
“The acquisition of PIR provides the next stage to Restaurant Brand’s growth platform and aligns with our growth strategy,” said Creedy. “We also see a number of other potential bolt-on opportunities in the market that we may look to pursue over time where they make strategic and financial sense.”