Tim Hortons parent Restaurant Brands buying Firehouse Subs chain for $1B

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Restaurant Brands International Inc. is buying sandwich chain Firehouse Subscriptions for US$1 billion, a company the company says complements its existing portfolio of fast food brands.

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Tim Hortons, the company behind Burger King and Popeyes, said Monday that the US-based restaurant, which offers hot specialty subs and salads on its menu, is a strong and growing one with substantial long-term growth potential in the quick-service restaurant industry. is player.

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Firehouse Subscriptions has tripled its restaurant footprint at nearly 1,200 locations since 2010, while its system-wide sales have quadrupled to an estimated US$1.1 billion for 2021, according to Restaurant Brands.

The company said Firehouse subscriptions benefit from a “strong family of franchisees” that own and operate 97 percent of the brand’s restaurants throughout the US and Puerto Rico.

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“We see tremendous potential to accelerate US and international growth at Firehouse Subs with RBI’s growth expertise, global franchise network and digital capabilities,” Restaurant Brands CEO Jose Sil said in a statement.

“Firehouse Subscriptions is an exclusive brand with a talented team, influential culture and community focus that resonates with guests and is closely aligned with our core values ​​at RBI.”

Florida based chain

The sandwich chain was founded in 1994 in Jacksonville, Fla., by brothers and former firefighters Chris Sorensen and Robin Sorensen.

In 2005, the company established the non-profit Firehouse Subs Public Safety Foundation in the wake of Hurricane Katrina. The organization is dedicated to improving the abilities of first responders through funding, resources, and support.

“At Firehouse Subs, we stand united in our commitment and passion for hearty and delicious food, hearty service, and public safety,” Don Fox, CEO of Firehouse Subscriptions, said in a statement.

“Joining the RBI family of brands provides an exciting opportunity to help more communities not only in the US and Canada, but around the world.”

The outright cash deal is expected to close in the coming months, pending the satisfaction of customary closing conditions and regulatory approvals, according to the company’s filings with the US Securities and Exchange Commission.

Restaurant Brands said it plans to fund the acquisition through a combination of cash and debt.

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