In 1992, Burger King and its franchises formed Restaurant Services Inc. (RSI), an independent purchasing cooperative, which covered 100 percent of BK stores in the United States. The creation of RSI was based on a proposal by then-CEO Barry Gibbons create an organization that would be autonomous from BK corporate operations, provide full financial disclosure to participants on pricing issues and revenues, and enjoy the participation of the entire chain to maximize the benefits of volume purchasing. The format of RSI was based on the system employed by KFC for its distribution system and was operated in a similar manner. Two weeks after the formation of the co-operative, Grand Met sold the physical assets of BKDS to Canadian-based buyout firm Onex Corporation and folded BKP into RSI.