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Burger King, Popeye's and Tim Hortons parent Restaurant Brands International will add Firehouse Subs to its portfolio in an all-cash deal for $1 billion.
|QSR||RESTAURANT BRANDS INTERNATIONAL, INC.||57.87||+0.64||+1.12%|
RBI said in a statement Monday that the transaction will offer "significant long-term unit growth potential to drive attractive returns for all stakeholders and is expected to be immediately accretive to RBI's diluted net earnings per share."
"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," RBI CEO José Cil said in a statement. "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."
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Firehouse Subs, founded in Jacksonville, Florida in 1994 by brothers and former firefighters Chris and Robin Sorensen, is frequently rated the #1 brand in the quick service restaurant (QSR) sandwich category for food quality and has one of the strongest-brand love ratings in its category.
The Firehouse Subs Public Safety Foundation has granted $62.5 million to public safety organizations across 49 U.S. states, Puerto Rico and Canada.