M&A Deal Summary

Restaurant Brands International Acquires Firehouse Subs

On November 15, 2021, Restaurant Brands International acquired restaurant Firehouse Subs for 1.0B USD

Acquisition Highlights
  • This is Restaurant Brands International’s 4th transaction in the Restaurants sector.
  • This is Restaurant Brands International’s 3rd largest (disclosed) transaction.
  • This is Restaurant Brands International’s 3rd transaction in the United States.
  • This is Restaurant Brands International’s 2nd transaction in Florida.

M&A Deal Summary

Date 2021-11-15
Target Firehouse Subs
Sector Restaurants
Buyer(s) Restaurant Brands International
Deal Type Add-on Acquisition
Deal Value 1.0B USD
Advisor(s) TD Securities (Financial)
Latham & Watkins (Legal)

Target

Firehouse Subs

Jacksonville, Florida, United States
Firehouse Subs is a restaurant chain with a passion for hearty and flavorful food, heartfelt service, and public safety. Firehouse Subs was founded in 1994 and is based in Jacksonville, Florida.

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Buyer(S) 1

Buyer

Restaurant Brands International

Toronto, Ontario, Canada

Category Company
Founded 1954
Sector Restaurants
Employees37,600
Revenue 8.4B USD (2024)
DESCRIPTION

Restaurant Brands International is a fast-food holding company that owns and operates quick-service restaurant brands, including Burger King, Tim Hortons, Popeyes, and Firehouse Subs. The Company leverages its extensive global reach, marketing strategies, and operations to drive growth and profitability for its brands. Restaurant Brands International was established in 1954 and is based in Toronto, Ontario.


DEAL STATS #
Overall 4 of 5
Sector: Restaurants M&A 4 of 5
Type: Add-on Acquisition M&A Deals 2 of 3
State: Florida M&A 2 of 2
Country: United States M&A 3 of 4
Year: 2021 M&A 1 of 1
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-02-21 Popeyes Louisiana Kitchen

Atlanta, Georgia, United States

Popeyes Louisiana Kitchen, Inc. is a developer, operator and franchiser of quick-service restaurants ("QSRs" or "restaurants") under the trade name, Popeyes Louisiana Kitchen and Popeyes Chicken & Biscuits.

Buy $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-16 Carrols

Syracuse, New York, United States

Carrols owns and operates more than 650 restaurants under the Burger King brand. Carrols was incorporated in 1960 and is based in Syracuse, New York.

Buy $1.0B