Cashing in on consumer demand for cheaper meals, Islamic investment group Arcapita has sold Church's Chicken to San Francisco-based Friedman Fleischer & Lowe,  reported the Financial Times.

The deal, quoted as closing at $390 million, has been pegged as one of the Top 5 U.S. buyouts of the year by Dealogic.

Church's, with 1,700 restaurants worldwide, is the third-largest chain of chicken quick serve restaurants.