Restaurant Brands International Acquires Remaining Stakes in Burger King China

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.

Cinven Acquires Majority Stake in Restaurant Brands Iberia

July 28, 2021

Restaurants & Hospitality

International private equity firm Cinven has agreed to acquire a majority stake in Restaurant Brands Iberia (RB Iberia) in a transaction valued at more than €1 billion. RB Iberia — the master franchisee for Burger King in Spain and Portugal and for Popeyes and Tim Hortons in Spain — will retain its founders and Burger King Europe as minority shareholders and will continue to be led by the incumbent management team as Cinven backs growth and further restaurant expansion across Iberia.

Restaurant Brands International Acquires Firehouse Subs

November 15, 2021

Restaurants & Hospitality

Restaurant Brands International Inc. agreed to acquire Firehouse Subs (Firehouse Restaurant Group Inc.) for $1.0 billion in an all-cash deal. The acquisition adds a fast-growing, franchise-driven quick-service sandwich brand with ~1,200 restaurants and is expected to be immediately accretive to RBI's earnings while enabling accelerated U.S. and international expansion and digital capability enhancements.

ICV Partners Acquires Diversified Restaurant Holdings

March 12, 2020

Restaurants & Hospitality

ICV Partners completed a cash acquisition of Diversified Restaurant Holdings, Inc. for approximately $130 million, including assumption of debt and transaction expenses. Concurrently, JK&T executed a 15-store area development agreement and sold certain Buffalo Wild Wings restaurants in Florida and Massachusetts to Inspire Brands; ICV will combine the remaining DRH and JK&T locations to create the largest Buffalo Wild Wings franchisee with over 80 restaurants across five states.

BCI Takes Significant Minority Stake in Authority Brands

September 20, 2022

Professional Services

British Columbia Investment Management Corporation (BCI) agreed to acquire a significant minority stake in Authority Brands, the North American residential services franchising platform. Funds advised by Apax Partners will retain majority ownership; the investment is intended to support further M&A, franchise development, technology transformation and international expansion.

Pearl Street Equity Acquires Famous Brands Franchising (Mrs. Fields & TCBY)

October 25, 2023

Food & Beverage

Pearl Street Equity LLC, a New York-based single-family office, has acquired Famous Brands Franchising (the parent company of Mrs. Fields and TCBY). The Salt Lake City–headquartered franchising business operates more than 350 franchised locations worldwide and will pursue expanded franchisee support and global growth under new ownership.