Flagstar announces sale of Denny's Mother Butler Pies division to Edwards Baking Co., enters into supply agreement.
SPARTANBURG, S.C.--(BUSINESS WIRE)--July 29, 1996--Flagstar Companies, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FLST FLST Fail Last ) announced today it has completed the sale of Denny's pie manufacturing division, Mother Butler Pies, to Edwards Baking baking: see cooking.
Process of cooking by dry heat, especially in an oven. Baked products include bread, cookies, pies, and pastries. Company.
The Atlanta-based pie manufacturing and distribution company purchased Flagstar's four bakeries located in Santa Fe Springs Santa Fe Springs, city (1990 pop. 15,520), Los Angeles co., SW Calif., inc. 1957. The city lies in an oil and natural gas region and has diversified manufacturing. , Calif., Ft. Lauderdale, Fla., Elkgrove Village, Ill. and Kent, Wash., that prepare signature pies exclusively for Denny's restauran ts.
In addition, Flagstar has entered into a separate long-term agreement with Edwards Baking Company to supply Denny's with Mother Butler Pies.
"The sale of our Mother Butler Pies bakeries is part of our strategy to focus on what we do best -- operating restaurants," said James B. Adamson, chairman and chief executive officer of Flagstar. "Edwards has an excellent reputation for producing high-qua lity baked pies. Our new partnership will provide us the opportunity to enhance the quality and variety of Denny's desserts."
Denny's serves more than three million pies annually at its nearly 1,600 Denny's restaurants throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Mother Butler pies, sold exclusively at Denny's restaurants, feature a large selection of fruit, cream and specialty pies, available by the slice or whole pie for take out.
Edwards Baking Company specializes in producing pies for restaurants and supermarkets. The company is controlled by Ripplewood Holdings Ripplewood is an American private equity firm that manages more than $10 billion in capital. Ripplewood was founded by its current CEO, Tim Collins. The company's main interests range from telecommunications to banking to entertainment. L.L.C., a New York-based private investment firm, and Thomas M. Garvin, former president and chief executive officer of the Keebler Company.
Flagstar is one of the nation's largest restaurant companies with over 2,900 moderately-priced restaurants and annual revenues of approximately $3 billion. Flagstar owns and operates Carrows, Coco's, Denny's, El Pollo Loco El Pollo Loco is a fast-food restaurant chain and Mexican grilled chicken franchise. "El Pollo Loco" is Spanish for "The Crazy Chicken".
Juan Francisco Ochoa started the restaurant in Guasave, Mexico, in 1975. and Quincy's Family Steakhouse restaurants and is the largest franchisee of Hardee's.
CONTACT: Flagstar Cos. Inc., Spartanburg
Karen Randall, 864/597-8440; Debbie Atkins, 864/597-8361
Larry Gosnell, 864/597-8658 (investors)