Restaurant Brands buying sandwich fast food chain Firehouse Subs for US$1 billion

·1 min read

TORONTO — Restaurant Brands International Inc. says it is buying U.S.-based fast food chain Firehouse Subs for US$1 billion.

The Toronto-based company behind Tim Hortons, Burger King and Popeyes says the sandwich restaurant is a strong and growing player in the quick service restaurant industry, with substantial long-term growth potential.

It says Firehouse Subs has tripled its restaurant footprint to about 1,200 locations since 2010 while its system-wide sales have quadrupled to an estimated US$1.1 billion expected for 2021.

Restaurant Brands says Firehouse Subs benefits from a strong family of franchisees who own and operate 97 per cent of the brand's restaurants across 46 U.S. states, Canada and Puerto Rico.

The sandwich chain was founded in Jacksonville, Fla., in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen.

Restaurant Brands CEO José Cil says Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests.

Companies in this story: (TSX:QSR, TSX:QSP)

The Canadian Press

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