JACKSONVILLE — A Florida-based company that owns the Firehouse Subs chain is under contract to be bought by a Canadian company that owns Burger King, Popeye’s and Tim Horton’s fast-food restaurants, business executives said Monday.
Restaurant Brands International said it has reached an agreement to acquire Jacksonville-based Firehouse Restaurant Group Inc. in a $1 billion all-cash transaction, the Toronto-based company said in a press release.
“We see tremendous potential to accelerate US and international growth at Firehouse Subs through RBI’s development expertise, global franchise network and digital capabilities,” said Jose Cil, CEO of Restaurant Brands International.
Restaurant Brands International plans to fund the acquisition with a combination of cash and debt, company officials said. The deal is expected to close in the coming months pending regulatory approval.
Firehouse Subs will remain based in Jacksonville. CEO Don Fox and Chief Financial Officer Vincent Burchianti will stay on, company officials said.
Firehouse Subs was founded in Jacksonville in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen. It has 1,200 restaurants and is expected to generate $1.1 billion in revenue in 2021. Franchisees own 97% of the brand’s restaurants in the United States and Canada.