In December 2004, Arcapita acquired Church’s Chicken. Under Arcapita’s ownership, the company increased margins, expanded the store base, and added new markets in the US, Latin America, the Arabian Gulf, the UK, Russia and India. It has also recorded earnings growth of almost 60% and at the time of exit, global system sales had reached $1.2 billion annually. Church’s Chicken is one of the world’s largest quick-service chicken restaurant concepts, and had over 1,600 outlets worldwide during Arcapita’s acquisition. Founded in San Antonio, Texas, in 1952, Church’s is a highly recognized brand name in the Quick Service Restaurant sector, with a strong reputation as being the “value leader” in the chicken category. In August 2009, Church’s Chicken was purchased from Arcapita and its co-investors by an affiliate of Friedman Fleischer & Lowe, a San Francisco-based private equity firm.