Burger King to remodel acquired restaurants over the next 5 years, accelerating Burger King’s path to modern image
Restaurant Brands International Inc. and Carrols Restaurant Group, Inc. announced that they have reached an agreement for RBI to acquire all of Carrols issued and outstanding shares that are not already held by RBI or its affiliates for $9.55 per share in an all-cash transaction, or an aggregate total enterprise value of approximately $1.0 billion, representing a 23.1 per cent premium to Carrols 30-day volume-weighted average price as of January 12, 2024 and a 13.4 per cent premium to the January 12, 2024 closing price.
Carrols is the largest Burger King® franchisee in the United States today, operating 1,022 Burger King restaurants in 23 states that generated approximately $1.8 billion of system sales during the twelve months ended September 30, 2023. Carrols also owns and operates 60 Popeyes® restaurants in six states.
Tom Curtis, President of Burger King U.S. and Canada commented, “Carrols has demonstrated strong and improving restaurant operations over the years. This acquisition is an exciting accelerator to our Reclaim the Flame plan that is focused on relentlessly pursuing a better experience for our Guests. We are going to rapidly remodel these restaurants over the next five years or so and put them back into the hands of motivated, local franchisees to create amazing experiences for our Guests.”