Overview

• 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.