Papa Bello signs letter of intent to acquire Kebab Cafe

Fri. October 09, 2009; Posted: 09:32 AM

Oct 09, 2009 (Datamonitor via COMTEX) -- PAPA | Quote | Chart | News | PowerRating -- Papa Bello Enterprises, a US-based restaurant chain, has signed a letter of intent to acquire the Kebab Cafe, a Southern California based restaurant concept.

Pending necessary due diligence, Papa Bello expects to close the acquisition by the end of October 2009.

The Kebab Cafe currently operates a flagship location in the Westfield Mall in La Jolla, California and anticipates opening up to 10 new corporately owned locations in 2010 as well as building out the concept for franchising.

Jim Price, CEO of Papa Bello, said: "This opportunity to acquire the Kebab Cafe would be a tremendous step in the evolution of Papa Bello. As we continue to expand our company, we see tremendous value in diversifying and adding new concepts that are different from our core brand. We understand that regional tastes vary from state to state and the public demands variety.

"We have a tremendous infrastructure and global network to build this concept and additional concepts into very large and recognizable brands. It is our mission to perform for our shareholders by exploring all logical expansion opportunities in the food service industry to build Papa Bello into a household name."

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