Shares of the restaurant group rose over 1% on the information. The inventory is down 4% this yr, giving it a market worth of $27.1 billion.
The sandwich chain is now the fourth model within the portfolio of restaurant manufacturers, which additionally contains Popeyes Louisiana Kitchen and Tim Hortons. The restaurant firm has lengthy been rumored to be on the hunt for one more fast-food chain, although reviving Tim Hortons and accelerating the expansion of Poppies has saved it busy.
“We see great potential to speed up US and worldwide progress at Firehouse Subs with RBI’s progress experience, world franchise community and digital capabilities,” Restaurant Manufacturers CEO Jose Sil mentioned in an announcement.
Firehouse Subscriptions was based in 1994 by brothers and former firefighters Chris and Robin Sorensen. The chain has roughly 1,200 places throughout the US and is predicted to generate $1.1 billion in systemwide gross sales for 2021. For the primary 10 months of the yr, its same-store gross sales climbed 20% in comparison with the identical time two years in the past.
Like different chains of restaurant manufacturers, nearly all of Firehouse Subscription places are operated by franchisees.
Restaurant Manufacturers mentioned it is going to fund the all-cash deal utilizing a mix of debt and the money it has. Restaurant Manufacturers expects the deal to shut within the subsequent few months. After the transaction closes, Firehouse will stay headquartered in Jacksonville, Florida, and its CEO, Don Fox, and CFO Vincent Burchianti are anticipated to stay.