AFC Enterprises

History

Popeyes was founded by Al Copeland (1944–2008) in Arabi, Louisiana, a suburb of New Orleans, Louisiana. It first opened its doors on June 12, 1972, as "Chicken on the Run". Copeland wanted to compete with Kentucky Fried Chicken, but his restaurant failed after several months. Copeland reopened the restaurant four days later as Popeyes Mighty Good Chicken. By 1975, the company had been renamed as Popeyes Famous Fried Chicken. Copeland started franchising his restaurant in 1976, beginning in Louisiana. The chain expanded to Canada in 1984, and opened its 500th restaurant in 1985. B. P. Newman of Laredo, Texas, acquired several franchises in Texas and surrounding states. Two hundred additional locations were added during a period of slower expansion.

By 1990, Copeland Enterprises was in default on $391 million in debts it had taken on in its 1989 purchase of Church's, a rival fast food chain also focusing in Southern fried chicken, and by April 1991, the company filed for bankruptcy protection. In October 1992, the court approved a plan by a group of Copeland's creditors that resulted in the creation of America's Favorite Chicken Company, Inc. (AFC) to serve as the new parent company for Popeyes and Church's. AFC went public in 2001 with initial public offering (IPO) of $142,818,479, and began trading on the NASDAQ under ticker symbol AFCE. On December 29, 2004, AFC sold Church's to Arcapita (formerly Crescent Capital Investments) retaining Popeyes.

On August 8, 2000, Popeyes announced a franchise development plan/agreement that included 35 new restaurant locations around Australia in a bid to solidify their presence within the Asia Pacific region. All were to be located in Sydney, the capital city of New South Wales.

On January 21, 2014, AFC was renamed as Popeyes Louisiana Kitchen, Inc., and its NASDAQ ticker symbol was changed to PLKI.

On June 17, 2014, Popeyes announced it had re-acquired full control of its seasonings, recipes, and other proprietary food preparation techniques from Diversified Foods & Seasonings, which remained under the control of Al Copeland and his estate after the creditor sale of Popeyes to AFC. Popeyes had continued to license the seasonings, recipes, and techniques from DF&S for a yearly "spice royalty", before buying them outright for $43 million. DF&S remains the main supplier for Popeyes until at least 2029.