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Burger King-parent Restaurant Brands International Inc. completes its acquisition of Carrols Restaurant Group, it's largest U.S. franchisee.

Burger King-parent RBI completes Carrols acquisition

Company buys largest U.S. franchisee and plans $500M investment in reimaging 600 restaurants

Restaurant Brands International Inc. has completed its acquisition of Carrols Restaurant Group Inc., its largest Burger King franchisee in the United States, for about $1 billion and plans to invest an additional $500 million to reimage 600 Carrols restaurants, the company said Thursday.

Toronto, Canada-based Restaurant Brands International, which offered $9.55 a share in the all-cash transaction that was announced in January, said the $500 million reimaging was part of its “Reclaim the Flame” plan, announced in fall 2022. It will accelerate the reimaging before the company refranchises the majority of the acquired portfolio to new or existing smaller franchise operators over the next seven years.

On May 16, RBI subsidiaries also amended to their existing credit agreement, increasing the existing term loan B facility with $5.2 billion outstanding to a $5.9 billion term loan B facility under the same terms as the existing facility. The proceeds were used along with cash on hand to complete the acquisition of Carrols, including the payoff of its credit agreement and the redemption and discharge of its outstanding 5.875% senior notes due in 2029.

Carrols operated 1,023 Burger King restaurants in 23 states and 59 Popeyes restaurants in six states. Carrols had operated Burger King restaurants since 1976 and Popeyes restaurants since 2019.

Burger King, founded in 1954, operates and franchises more than 19,000 restaurants in more than 120 countries and territories.

Parent RBI also owns the Tim Hortons, Popeyes Louisiana Kitchen and Firehouse Subs brands.

Contact Ron Ruggless at [email protected]

Follow him on X/Twitter: @RonRuggless


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