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| Priszm is Canada's largest independent owner and operator of quick service restaurants by number of units. In total, priszm owns and operates 466 restaurants in 7 provinces across Canada. These include 414 KFC restaurants and 52 multi-branded restaurants combining the KFC, Pizza Hut, and Taco Bell concepts. Priszm Canadian Income Fund is an unincorporated, open-ended, limited purpose trust established under the laws of Ontario, created to indirectly acquire and own 60.2% of KIT Limited Partnership (LP), which is the largest franchisee of KFC in Canada and amounts for approximately 70% of all KFC sales in Canada. The Fund also owns 60.2% of the General Partner, KIT Inc., which is responsible for overseeing the operations of KIT LP. Priszm’s ownership interests are held through Priszm Canadian Operating Trust, which is an unincorporated limited purpose trust that is 100% owned by the Fund. In an initial public offering (IPO) on November 10, 2003, Priszm issued 15,550,000 units at $10 per unit to pay for its ownership interests in KIT LP and KIT Inc. The remaining 39.8% of KIT LP was retained by PBI LP (formerly priszm brandz LP), which is owned by Scott’s Restaurants Inc., a privately held company controlled by Toronto businessman John I. Bitove. Senior management of the former priszm brands LP, led by Mr. Bitove, Chairman and Chief Executive Officer, remains committed to the business and its future growth. The funds raised through the sale of an ownership interest in KIT LP to Priszm Canadian Income Fund were used mainly to retire debt. |
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