Restaurant Brands International (RBI), the parent company of Burger King, Tim Hortons and Popeyes, has reached an agreement with US sandwich chain Firehouse Subs to purchase $1,000 million (€874 million) in cash, it announced Monday in a statement.
The company emphasized that this deal provides a “potential” for the unit’s long-term growth to achieve “rewarding returns” for all parties involved. Buying is estimated to be immediately positive to net earnings per share.
“We see tremendous potential to accelerate international and US growth for Firehouse Subs through RBI’s development expertise, our global network of franchisees and digital capabilities,” said Jose Seal, Burger King CEO.
Firehouse Subs was established in 1994 in Florida (USA). Among its buildings and franchises, it has 1,200 establishments. The company expects its regular sales (those represented by both the company and its franchisees) to reach 1,100 million (961 million euros) during 2021. This year’s adjusted gross operating result (Ebitda) will be approximately $50 million (€43.7 million).
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