JACKSONVILLE, Fla. (AP) – A Florida-based company that owns Firehouse Subs is in the process of being bought by a Canadian company that owns Burger King, Popeye’s and Tim Horton’s fast food outlets, chefs said Monday. ‘business.
Restaurant Brands International says it has reached a deal to acquire Jacksonville-based Firehouse Restaurant Group Inc. in a billion-dollar all-cash transaction, the Toronto-based company said in a press release. .
“We see tremendous potential to accelerate US and international growth at Firehouse Subs through RBI’s development expertise, global franchise network and digital capabilities,” said José Cil, CEO of Restaurant Brands International.
Restaurant Brands International plans to fund the acquisition with a combination of cash and debt, company officials said. The deal is expected to be concluded in the coming months pending regulatory approval.
Firehouse Subs will remain based in Jacksonville. CEO Don Fox and CFO Vincent Burchianti will remain in office, company officials said.
Firehouse Subs was founded in Jacksonville in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen. It has 1,200 restaurants and is expected to achieve sales of $ 1.1 billion in 2021. Franchisees own 97% of the brand’s restaurants in the United States and Canada.
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