Carrols Restaurant Group has announced it has agreed to acquire a portfolio of 278 Burger King restaurants in a cash plus stock deal, which will make it the biggest Burger King franchisee in the world.
Currently the largest US Burger King franchisee, Carrols has agreed to pay $15.8m and handover a 28.9% stake in itself to Burger King as part of the deal.
Carrols, which has been operating Burger King sites in the US since 1976, said it would remodel up to 450 restaurants over the next three-and-a-half years under the terms of the agreement.
Burger King’s president North America Steve Wiborg and chief financial officer Daniel Schwartz will join Carrols’ Board upon completion of the transaction.
Wiborg said: “We are very excited to further solidify our relationship with our long-time franchisee, Carrols Restaurant Group. Carrols has a proven track record of running industry-leading restaurants and has demonstrated a long-term commitment to the Burger King brand. Their leadership, operational expertise and commitment to upgrade the image of their restaurants across the country will greatly contribute to our efforts to provide our restaurant guests with friendly service and quality products served in a fresh, new environment.”
