In a break from its long tradition of mostly QSR service model brands like Taco Bell and KFC, Louisville, Kentucky-based Yum Brands will acquire The Habit Burger Grill for $375 million, or $14 a share in cash. The company — which also owns the No. 2 publicly traded pizza brand, Pizza Hut — will lasso the Irvine, California-based fast casual burger brand, along with its 300 U.S. and China locations, a news release said.

The companies also announced that The Habit Burger Grill will continue under its current leadership, who will likewise continue to serve out of the brand's Southern California base. 

"As a fast-casual concept with strong unit economics, The Habit Burger Grill is a fantastic addition to the Yum! family and has significant untapped growth potential in the U.S. and internationally," Yum Brands CEO David Gibbs said in the release, calling the acquisition a "win-win" situation that gives new value to Yum investors and helps Habit Burger grow using Yum's "scale and strengths in franchising, purchasing and brand-building."

The Habit Burger Grill President and CEO Russell Bendel that in recent years his chain has focused on becoming a total access brand by growing its delivery business, expanding online ordering and mobile channels and enhancing the in-store experience through the use of kiosks, drive-thrus and other operational technology. 

"We're proud these and other actions have made The Habit Burger Grill an attractive candidate for a transaction of this kind," he said in the release. "On behalf of The Habit Burger Grill board of directors, this transaction represents an exciting new chapter to strengthen and significantly grow The Habit Burger Grill by leveraging Yum Brands' global scale, resources and franchising capabilities.

"We're confident the agreement delivers immediate value to The Habit Burger Grill shareholders and will greatly benefit our beloved brand, team members, franchisees and loyal guests for many years to come."

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