Restaurant Brands International Acquires Carrols Restaurant Group

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.

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.

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.

Darden Restaurants Acquires Ruth's Hospitality Group

May 3, 2023

Restaurants & Hospitality

Darden Restaurants agreed to acquire all outstanding shares of Ruth's Hospitality Group, the owner/operator of Ruth's Chris Steak House, in an all-cash transaction valued at about $715 million ($21.50 per share). The deal, which closed June 14, 2023 via a tender offer and short-form merger, brings roughly 155 Ruth's Chris locations and nearly 5,000 team members into Darden's portfolio of restaurant brands.

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.