Restaurant Brands International Inc., the parent company of Burger King, is acquiring Carrols Restaurant Group Inc., its largest U.S. franchisee, for about $1 billion.
This acquisition aims to renovate hundreds of Burger King locations and drive franchisee profitability.
Carrols operates over 1,000 Burger King restaurants and 60 Popeyes restaurants. (Trending: 2024 Miss America Winner Crowned)
Burger King plans to invest approximately $500 million to remodel about 600 acquired Carrols restaurants and anticipates completing the refranchising within five to seven years.
Tom Curtis, president of Burger King U.S. and Canada, wrote in a statement, “We are going to rapidly remodel these restaurants over the next five years or so and put them back into the hands of motivated, local franchisees to create amazing experiences for our guests.”
The deal is expected to close in the second quarter and still requires approval from Carrols stockholders and regulatory bodies.
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