Scott’s Restaurants Inc. (Scott’s), the world’s largest KFC franchisee, closed on July 10, 2000, the establishment of Priszm Brandz LP, a limited partnership with a subsidiary of Tricon Global Restaurants Inc. (franchisor of KFC, Pizza Hut and Taco Bell). Priszm Brandz LP will develop and operate KFC, Pizza Hut and Taco Bell restaurants in Canada as a franchisee of Tricon. The vision for the $450 million transaction involving 650 restaurants was developed by lawyer/entrepreneur and principal Scott’s shareholder, John Bitove, Jr.
Albert Gnat of Lang Michener’s Toronto office led a team of lawyers representing Scott’s comprised of Robert Glass (franchising and corporate), Hellen Siwanowicz, Carl De Vuono, Neil Puddicombe and Stephan Luciw (corporate), Bruce McKenna and John Payne (real estate and title insurance), David Thring and Eric Friedman (lending), Martin Rabinovitch and Brent McPherson (litigation). Stephen Fyfe and Kevin Fritz of Borden Ladner Gervais LLP provided tax advice to Scott’s. Tricon was represented by Dee Rajpal, Ken Pogrin, Jason Kroft (corporate), Tom Vowinckel (tax), Dana Porter (real estate) and Peter Hamilton (lending) of Stikeman Elliott who assisted Tricon’s US in-house lawyers Duncan Makeig (general counsel), Bill Simoson and Ray Weston. Lenders Newcourt Capital and Bank of Nova Scotia were represented by Rick McIvor (banking) and Ted Perlmutter (real estate) of Blake, Cassels and Graydon LLP.