TL;DR
Restaurant Brands International acquired Firehouse Subs for $1 billion in an all-cash deal, expanding its QSR holdings. The deal is expected to close in the coming months and will leave Firehouse Subs headquartered in Jacksonville, Fla.
Restaurant Brands International has acquired Firehouse Subs for $1 billion in an all-cash deal.
According to Nation’s Restaurant News, the holding company behind Burger King, Popeyes and Tim Hortons, opted to purchase Firehouse Subs after the brand showed a 20% increase in year-over-year sales in 2020
Firehouse Subs is 97% franchised, with 1,100 locations in 46 states plus Canada and Puerto Rico.
The deal is expected to close in the coming months and will leave Firehouse Subs headquartered in Jacksonville, Fla., with CEO Don Fox and CFO Vincent Burchianti remaining in their leadership roles.
“At Firehouse Subs we are united in our commitment to and passion for hearty and flavorful food, heartfelt service and public safety,” Fox said in a statement. “Joining the RBI family of brands provides an energizing opportunity to assist more communities, not only across America and Canada, but around the globe.”
“We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI’s development expertise, global franchisee network and digital capabilities,” Restaurant Brands CEO Jose Cil said in a statement reported by CNBC.
In this story
This story was originally published in 1851 Franchise on November 15, 2021. Burnaze summarizes and links to the original reporting.
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