Burger King's Parent Company Acquires Largest Franchisee for $1 Billion

Restaurant Brands International plans to remodel and then sell majority of the acquired restaurants as part of its 'Reclaim the Flame' initiative.

Restaurant Brands International (RBI), the parent company of Burger King, is buying its largest franchisee, Carrols Restaurant Group, for $1 billion in cash.
The deal includes over 1,000 Burger King restaurants and 60 Popeyes locations across the US.
RBI plans to invest an additional $500 million to remodel 600 of the acquired restaurants over the next five years.
After the remodel, RBI intends to sell the majority of the restaurants back to new or existing smaller franchisee owners.
The acquisition is part of RBI's 'Reclaim the Flame' plan, a $400 million initiative announced in 2022 to revamp Burger King's US business.