Restaurant Brands International Inc. (RBI) is bulking up in the sandwich department.
The fast-food conglomerate announced Monday morning it’s buying Firehouse Subs for US$1 billion in cash.
According to a release, Jacksonville, Fla.-based Firehouse now has approximately 1,200 restaurants and has seen its year-to-date U.S. same-store sales rise 20 per cent compared to the same period in 2019. Firehouse said it’s expecting to generate US$1.1 billion in full-year sales and anticipates approximately US$50 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA).
Subsequent to the deal closing, Restaurant Brands said Firehouse would continue to be run by its chief executive, Don Fox, and Chief Financial Officer Vincent Burchianti.
The deal adds to Restaurant Brands’ stable of brands, which includes Tim Hortons, Popeyes Louisiana Kitchen and Burger King.
“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,” said Restaurant Brands Chief Executive Officer José Cil in the release.
Restaurant Brands said it’s planning to fund the deal with cash on hand and debt, and it expects the deal will close in the coming months.
BofA Securities and J.P. Morgan Securities advised Restaurant Brands on the deal. Firehouse was advised by TD Securities.
https://news.google.com/__i/rss/rd/articles/CBMiV2h0dHBzOi8vd3d3LmJubmJsb29tYmVyZy5jYS9yZXN0YXVyYW50LWJyYW5kcy1idXlpbmctZmlyZWhvdXNlLXN1YnMtZm9yLXVzLTFiLTEuMTY4MTk5ONIBAA?oc=5
2021-11-15 13:46:43Z
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