MCDONALD'S AND FAZOLI'S FORM JOINT VENTURE
By Adnews Staff
McDonald's of Oak Brook, IL and Fazoli's Italian Restaurants of Lexington, KY have formed a joint venture. The two chains will form a new company which will develop 20 to 30 Fazoli's restaurants in three U.S. markets. The agreement also gives McDonald's an option to purchase the entire company at a later date. Raymond Mines, former executive vice-president of systems relations for McDonald's, will head the new entity. Fazoli's operates approximately 400 restaurants in 32 U.S. states. It sells pasta, Italian "Submarinos," panini sandwiches and salads. The new company will take over management of existing Fazoli's locations in Denver as well as introduce the chain to two new markets which have not yet been identified. McDonald's operates 30,000 restaurants worldwide. It also owns and operates approximately 650 Boston Market locations and 180 Donatos Pizzeria restaurants. In addition, the company holds a majority interest in Mexican restaurant chain Chipotle and a minority interest in the Pret A Manager chain of sandwich shops.