The operators of Bodan Inc., the Boulder-based franchisee of 18 Wendy's restaurants, have acquired 23 more restaurants from the Dublin, Ohio-based fast-food chain, officials announced Monday.
The Wendy's Co. (Nasdaq: WEN) sold 23 restaurants in Oregon and Washington to Group W Partners LLC, an entity led by Bodan Inc.'s operators Dan O'Brien and Doug Rich. Financial terms were not disclosed.
Earlier this year, Wendy's announced plans to sell 425 of its company-operated restaurants in 13 markets -- mostly in the western United States -- to qualified operators. The move was meant to allow Wendy's to concentrate its ownership geographically, reduce expenses by $30 million annually, and improve margins and cash flows, Wendy's officials said in July.
Included as part of some of the sales are agreements to convert some of the restaurants to Wendy's "Image Activation" restaurant design. The remodeled eateries are meant to have a contemporary design and include elements such as fireplaces, lounge chairs and booths, flatscreen TVs, digital menus and WiFi.
Bodan Inc.'s restaurant at 1905 Main St. in Longmont is being remodeled using the Image Activation design, said Bob Bertini, a Wendy's spokesman. The remodel is expected to be complete next month, he said.
The sale of the nearly two-dozen restaurants in the Portland, Ore., area and southern Washington region fit the company's previously announced plan to put the restaurants in the hands of well-capitalized existing franchisees, Bertini said.
"It just made sense to do this at this time," he said, making note of O'Brien's experience and history with the company.
O'Brien started with Wendy's in 1973 as a management trainee at the original Wendy's off East Broad Street in downtown Columbus, Ohio. He became a franchisee in 1990 and grew the Boulder-based operation to 18 locations in Colorado, Wyoming and Nebraska, Bertini said.
Bodan Inc.'s holdings in Boulder and Broomfield counties include restaurants in Boulder, Broomfield, Lafayette, Longmont and Superior.
"His roots with Wendy's run very deep," Bertini said of O'Brien.
O'Brien could not be reached for comment.
Contact Camera Business Writer Alicia Wallace at 303-473-1332 or firstname.lastname@example.org.