Proving a good fried chicken recipe is anything but priceless, Popeyes has paid $43 million to the family of its founder to secure his recipes.
Popeye's had been paying Diversified Foods, which is owned by Al Copeland's estate, $3.1 million in annual royalties. However, in a press release, Popeye's CEO Cheryl Bachelder said this move will finally grant the company its "intellectual property":
With the cooperation of the Copeland family, this transaction now brings important intellectual property—Popeyes' core recipes—under brand ownership for the first time in our Company's history. The purchase eliminates the $3.1 million annual royalty that was previously scheduled to be paid by the Company until 2029. The supply terms beyond 2029 were uncertain. Popeyes now owns its recipes in perpetuity for use worldwide and has clarity of supply and pricing terms through the balance of the supply agreement. We thank the Copeland family for reuniting these treasured recipes with the brand Al Copeland, Sr. created.
To Popeyes this is $43 million well spent.
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