Fried chicken chain Popeyes has bought its recipes from the family of the restaurant's founder Al Copeland for a cool $43 million. Up until now, according to the Times-Picayune, the chain was paying Diversified Foods — a company owned by Copeland's estate — yearly royalties of $3.1 million for the recipes. Diversified Foods will "continue to supply Popeyes with proprietary spices and other products" under a licensing agreement.
Popeyes' CEO Cheryl Bachelder notes in the press release (warning: PDF) that this deal "brings important intellectual property - Popeyes' core recipes - under brand ownership for the first time" in the company's history. Bachelder goes on to say that the recipe sale "is an exciting and historic event representing a win for everyone involved." Thanks to the sale, the Copeland family now has enough money to build as many statues in honor of Al as they'd like.
· Popeyes Buys Recipes from Founder Al Copeland's Family for $43 Million [Times-Picayune]
· Popeyes Louisiana Kitchen, Inc. Completes $43 Million Recipe Purchase [Popeyes]
· All Popeyes Coverage on Eater [-E-]