Restaurant Brands International Acquires Firehouse Subs

Restaurant Brands International Acquires Carrols Restaurant Group

May 16, 2024

Restaurants & Hospitality

Restaurant Brands International (RBI) completed an all-cash acquisition of Carrols Restaurant Group on May 16 for approximately $1.0 billion (at $9.55 per share). RBI said it will invest an additional $500 million to reimage more than 600 restaurants and plans to refranchise most of the acquired units over the next seven years; Carrols operated 1,023 Burger King restaurants across 23 states and 59 Popeyes restaurants in six states.

Restaurant Brands International Acquires Remaining Stakes in Burger King China

February 18, 2025

Restaurants & Hospitality

A subsidiary of Restaurant Brands International (RBI) acquired the equity interests in Burger King China from TFI Asia Holdings BV and Pangaea Two Acquisition Holdings XXIII, Ltd (Cartesian) for approximately $158 million in cash, bringing RBI's ownership to nearly 100%. RBI said it will engage advisors to identify a new local operating partner to inject capital and become the controlling shareholder as part of a strategy to support long-term growth in China.

Roark Capital Acquires Subway Restaurants

August 24, 2023

Restaurants & Hospitality

Subway has entered into a definitive agreement to be acquired by affiliates of Roark Capital. The deal pairs Subway's global quick-service restaurant footprint with Roark's franchise and multi-location leadership to support growth, restaurant modernization and franchisee initiatives.

FAT Brands Acquires Smokey Bones Bar & Fire Grill

September 25, 2023

Restaurants & Hospitality

FAT Brands Inc. has acquired the Smokey Bones Bar & Fire Grill restaurant chain from an affiliate of Sun Capital Partners for $30 million. The purchase adds 61 corporate Smokey Bones locations across 16 states, is expected to increase adjusted EBITDA by about $10 million, and expands FAT Brands' polished dining portfolio.

Brooks Safety Solutions Acquires FireResQ, Inc.

July 15, 2025

Industrial Services

Brooks Safety Solutions (BSS), a portfolio company of H.I.G. Capital, has acquired FireResQ, Inc., a North Carolina-based e-commerce distributor specializing in fire hoses and related parts. The acquisition is an add-on to BSS aimed at expanding product breadth and technical capabilities in fire and life safety; FireResQ's senior leadership will remain in place and become significant shareholders of BSS.

Yum! Brands Acquires The Habit Burger Grill

January 6, 2020

Restaurants & Hospitality

Yum! Brands agreed to acquire all outstanding common shares of The Habit Restaurants, Inc. (The Habit Burger Grill) for $14.00 per share in cash, a transaction valued at approximately $375 million. The acquisition adds a fast-casual, chargrill-focused restaurant concept headquartered in Irvine, California to Yum!'s portfolio and is expected to close by the end of Q2 2020, with The Habit remaining based in Irvine and reporting into Yum!'s management.