Houston Foods Inc., a fast-food franchisee in Texas, plans to buy about 260 Burger King locations owned by Blackstone Group’s Heartland Food Corp. in the Midwest, according to a person with knowledge of the matter.
Blackstone, which acquired Heartland through its GSO Capital Partners LP unit, agreed to sell the restaurants for less than $100 million, said the person, who asked not to be identified because the deliberations are private. Blackstone bought GSO, a credit manager run by Bennett Goodman, in 2008.
