RBI Completes Anticipated Acquisition of Carrols

Carrols Restaurant Group’s U.S. portfolio includes 1,023 Burger King restaurants in 23 states and 59 Popeyes restaurants in six states.

May 16, 2024

Carrols Restaurant Group is the largest Burger King franchisee in the U.S.

Four months after Restaurant Brands Int’l announced it would acquire Carrols Restaurant Group—the largest Burger King franchisee in the U.S.—it has officially done so.

The all-cash transaction closed Thursday, May 16, and totaled approximately $1 billion ($9.55 per share).

As previously announced, the company will invest an additional $500 million to accelerate the reimaging of over 600 of the newly acquired restaurants. Then, over the next seven years, it plans to refranchise most of the units to new or existing smaller franchise operators.

Carrols has operated Burger King restaurants since 1976 and Popeyes restaurants since 2019.