Firehouse Subs To Be Acquired For $1 Billion
Jacksonville-based Firehouse Subs will be acquired by Restaurant Brands International Inc. (RBI) in an all-cash $1 billion deal. RBI is the Canadian-based company that owns Popeyes, Burger King, and Tim Horton’s. The sale is expected to close in the next two months.
"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,” said José Cil, chief executive officer of RBI. “We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI's development expertise, global franchisee network and digital capabilities.”
Firehouse Subs was founded in 1994 by brothers and former firefighters Chris and Robin Sorensen. Today, the brand has close to 1,200 locations across the United States and is expected to generate $1.1 billion in systemwide sales for 2021. In the first 10 months of 2021, the company’s same store sales increased 20% in comparison to the same period 2019. The brand’s franchisees own and operate 97% of its restaurants in 46 U.S. States, Canada and Puerto Rico.
"At Firehouse Subs we are united in our commitment to and passion for hearty and flavorful food, heartfelt service, and public safety,” said Don Fox, chief executive officer of Firehouse Subs. “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."
Firehouse Subs will remain headquartered in Jacksonville and managed by Fox and Chief Financial Officer Vincent Burchianti.
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