Based in Atlanta, Georgia, AFC Enterprises was a leading developer, franchisor and operator of quick-service restaurants under the Popeyes Chicken & Biscuits, Church’s Chicken, Cinnabon and Seattle’s Best Coffee brands.  At the time of Freeman Spogli’s investment, Popeyes was the second largest quick-service chicken restaurant company in the world.  In 2001, AFC Enterprises completed an initial public offering (NASDAQ: AFCE).  Freeman Spogli realized its investment in AFC Enterprises through public market transactions from 2001 to 2006.