Toronto — Restaurant Brands International Inc., the Toronto-based parent company of Burger King, has completed its previously announced acquisition of Carrols Restaurant Group, Inc., the largest Burger King® franchisee in the United States, for approximately $1 billion in an all-cash transaction.
The company will invest a further $500 million to accelerate the reimaging of more than 600 Carrols restaurants before refranchising the majority of the acquired portfolio to new or existing smaller franchise operators over the next 7 years.
Carrols is one of the largest restaurant franchisees in North America. It currently operates 1,023 Burger King® restaurants in 23 states as well as 59 Popeyes® restaurants in six states. For more information, visit www.carrols.com.
Founded in 1954, the Burger King® brand is the second largest fast food hamburger chain in the world. The Burger King® system operates more than 19,000 restaurants in over 120 countries and territories. For more information, visit www.bk.com.
Restaurant Brands International Inc. is one of the world’s largest quick-service restaurant companies with more than 30,000 restaurants in more than 120 countries and territories. RBI owns four of the world’s most prominent and iconic quick service restaurant brands – TIM HORTONS®, BURGER KING®, POPEYES® and FIREHOUSE SUBS®. For more information, visit www.rbi.com.
SOURCE: Restaurant Brands International Inc.