Restaurant Brands International, which owns Burger King, Popeyes and Tim Hortons, announced Monday that it will acquire quick-service chain Firehouse Subs for $1 billion in an all-cash deal.
Founded in Jacksonville, Fla., in 1994, Firehouse Subs has over 1,100 locations, 97% of which are franchised, in 46 states, Canada and Puerto Rico. Following the deal, which is expected to close “in the coming months,” according to a release, the chain will continue to be headquartered in Jacksonville with current CEO Don Fox at the helm. Vincent Burchianti will remain chief financial officer.
“At Firehouse Subs we are united in our commitment to and passion for hearty and flavorful food, heartfelt service, and public safety,” Fox said. “Joining the RBI family of brands provides an energizing opportunity to assist more communities, not only across America and Canada, but around the globe.”
As of October, year-to-date U.S. same-store sales at Firehouse Subs were up 20% over 2019, 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,” said RBI CEO José Cil. “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. 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.”
Between RBI’s three current brands, the company has more than 27,000 restaurants in more than 100 countries, with more than 10,000 of those in the U.S. Its headquarters are in Toronto, Canda.
For the acquisition, BofA Securities, Inc. and J.P. Morgan Securities LLC acted as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison acted as legal advisors to RBI. Firehouse Subs was advised by TD Securities and Latham and Watkins.
Contact Leigh Anne Zinsmeister at [email protected]