Restaurant Brands Int’l. Is Acquiring Firehouse Subs for $1 Billion

The deal marks the first acquisition for the company since it picked up Popeyes in 2017.

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Courtesy of Firehouse Subs on Facebook.

Restaurant Brands Int’l., the parent company to Burger King, Tim Hortons and Popeyes, announced today that it’s putting up $1 billion in an all-cash deal to acquire the quick-service sandwich chain Firehouse Subs.

Firehouse Subs has approximately 1,200 locations across 46 states, Canada and Puerto Rico and comes to RBI with “compelling unit economics” in a category that’s complementary to RBI’s family of brands, according to the company.

“Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests and closely aligns with our core values at RBI. 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,” says Jose Cil, CEO of RBI, in a press release. “We are excited to welcome the Firehouse Subs team to the RBI family and to continue our ambitious dream of building the world’s most-loved restaurant brands.”

Firehouse Subs’ October comparable sales in the U.S. were up 20% over 2019, according to RBI. Its systemwide sales for the year are projected to be $1.1 billion.

The transaction is expected to close in the coming months, subject to satisfaction of customary closing conditions and regulatory approvals. Following the transaction, Firehouse Subs will remain based in Jacksonville, Fla., and will continue to be managed by CEO Don Fox and CFO Vincent Burchianti.

This is the first acquisition for RBI since it purchased Popeyes in 2017 for $1.8 billion. The company has over 27,000 restaurants in more than 100 countries.

 

 

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