RBI Acquires Florida-based Firehouse Subs Chain
Nov 16, 2021 By MarketDepth
Restaurant Brands International Inc. (TSX: QSR) (NYSE: QSR) on Monday announced its acquisition of Firehouse Restaurant Group Inc. for $1.0 billion in an all-cash transaction.
We are excited to welcome the Firehouse Subs team to the RBI family and to continue our ambitious dream of building the world’s most loved restaurant brands” José Cil, Chief Executive Officer of RBI said. “Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests and closely aligns with our core values at RBI.”
RBI intends to retain the Firehouse management team, with Chief Executive Officer Don Fox, and Chief Financial Officer Vincent Burchiant expected to remain in their roles after the transaction closes. Firehouse Subs has seen its restaurant footprint triple to approximately 1,200 locations and its system-wide sales grow fourfold in the last 11 years to an expected US$1.1 billion in 2021.
“At Firehouse Subs we are united in our commitment to and passion for hearty and flavorful food, heartfelt service, and public safety. Joining the RBI family of brands provides an energizing opportunity to assist more communities, not only across America and Canada , but around the globe. The donations we generate for our Foundation through our restaurants means changing and saving lives, so we can’t wait to accelerate our journey at home and around the world.”Don Fox , Chief Executive Officer of Firehouse Subs