Burger King Acquires Largest Franchisee for $1 Billion

The acquisition of Carrols Restaurant Group is part of Burger King's 'Reclaim the Flame' modernization plan, aiming to compete with top chains like McDonald's.

Burger King's parent company, Restaurant Brands International (RBI), has acquired its largest franchisee, Carrols Restaurant Group, for $1 billion in an all-cash deal.
The acquisition is part of Burger King's 'Reclaim the Flame' modernization plan, which aims to compete with top burger chain McDonald's.
Carrols, which operates over 1,000 Burger King locations and 60 Popeyes locations, has consistently outperformed Burger King in terms of foot traffic and sales.
RBI plans to remodel 600 of the acquired Carrols restaurants over the next five to seven years, and then sell them back to franchisees.
The acquisition comes as several major Burger King franchise owners, including Premier Kings, Meridian Restaurants Unlimited, and Toms King, dealt with bankruptcy proceedings in 2023.