Restaurant Brands International Inc.
Acquisitions
4
Major Deals Covered
$15.2B
Disclosed Deal Value
Restaurant Brands's largest disclosed acquisition here is Tim Hortons combination for $11.4B in 2014. This page covers 4 major deals from 2014 to 2024, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Tim Hortons combination | 2014 | $11.4B | Create RBI by combining Burger King and Tim Hortons. |
| Popeyes Louisiana Kitchen | 2017 | $1.8B | Add a global chicken brand to the RBI platform. |
| Firehouse Subs | 2021 | $1.0B | Add a sandwich brand with long-term unit growth potential. |
| Carrols Restaurant Group | 2024 | $1.0B | Gain operating control over a large U.S. Burger King franchisee to remodel and later refranchise restaurants. |
2024
$1.0B
Gain operating control over a large U.S. Burger King franchisee to remodel and later refranchise restaurants.
Raised company-operated restaurant exposure and near-term revenue scale.
A turnaround and refranchising project rather than a permanent shift away from franchising.
2021
$1.0B
Add a sandwich brand with long-term unit growth potential.
Made Firehouse Subs RBI's fourth brand.
Firehouse is a smaller but useful growth brand.
2017
$1.8B
Add a global chicken brand to the RBI platform.
Diversified RBI beyond burgers and coffee.
Popeyes became a major international unit-growth platform.
2014
$11.4B
Create RBI by combining Burger King and Tim Hortons.
Established the multi-brand QSR platform.
Tim Hortons remains a core brand and cash-flow pillar.
RBI's growth plan has three parts: lift Burger King U.S. sales through remodels, advertising and operations under the Reclaim the Flame program; refranchise the restaurants acquired with Carrols once they are remodeled; and accelerate International unit growth through master franchisees and joint ventures, including the CPE-led Burger King China venture that targets more than 4,000 restaurants by 2035. Tim Hortons Canada and Popeyes remain key contributors.
RBI makes most of its profit by franchising. Franchisees build and run the vast majority of its 33,000+ restaurants (over 90% of system restaurants are franchised) and pay RBI royalties and advertising contributions based on their sales. RBI also earns property revenue where it leases restaurants to franchisees, supply chain revenue from Tim Hortons' Canadian distribution and manufacturing business, and restaurant sales from company-operated units, a line that grew after the 2024 Carrols acquisition. Internationally, RBI usually signs master franchise or joint-venture partners who fund development across a whole country.
RBI was formed by the 2014 Burger King and Tim Hortons combination (roughly US$11 billion). It then acquired Popeyes in 2017 (about $1.8 billion), Firehouse Subs in 2021 ($1.0 billion) and Carrols Restaurant Group in 2024 (about $1.0 billion).
RBI acquired Popeyes in March 2017 for $79.00 per share in cash ($1.8 billion) to enter the fast-growing quick-service chicken category, bring its disciplined franchising model to a beloved regional brand, and accelerate Popeyes' international footprint across Asia, Europe, and Latin America.
RBI acquired Firehouse Subs for $1.0 billion in an all-cash deal (announced November 2021, closed December 2021) to add a sandwich brand that could use RBI's franchising and international platform.
RBI acquired Carrols in May 2024 for about $1.0 billion to gain control of roughly 1,000 Burger King and about 60 Popeyes restaurants, remodel most of them, and refranchise them to local operators.
In June 2024, RBI reached an agreement to acquire Popeyes China for an enterprise value of up to $45 million from TH International Limited (Tims China), allowing RBI to directly control and invest in Popeyes' long-term store development and digital footprint across mainland China.
RBI finances acquisitions through a balanced combination of available cash on hand, revolving credit facility borrowings, senior secured term loans, and investment-grade/high-yield corporate bond issuances, maintaining structured debt amortizations funded by steady recurring franchise royalty cash flows.
RBI has favored brands with strong consumer recognition, franchisable unit economics and room for international expansion, as with Popeyes and Firehouse Subs.
Acquired brands gain access to RBI's shared procurement, digital and franchise-development capabilities while keeping their own brand teams.
In December 2014, Burger King Worldwide acquired Tim Hortons for $12.5 billion in cash and stock to create Restaurant Brands International, creating the world’s third-largest fast-food holding company.
In March 2017, RBI acquired Popeyes Louisiana Kitchen for $1.8 billion in cash (funded with cash on hand and debt), bringing the beloved Cajun-style fried chicken brand into RBI’s global development engine.
In December 2021, RBI acquired Jacksonville-based Firehouse Subs for $1.0 billion in cash, giving RBI entry into the massive submarine sandwich category with a high-growth, purpose-driven brand.
In May 2024, RBI acquired its largest US franchisee, Carrols Restaurant Group, for approximately $1.0 billion in cash, acquiring 1,022 Burger King restaurants and 60 Popeyes restaurants to rapidly accelerate kitchen technology and dining room modernizations.
RBI plans to invest $500 million to remodel over 600 Carrols Burger King restaurants over five years, systematically refranchising the renovated, profitable stores back to smaller local franchise operators.
In October 2010, 3G Capital acquired Burger King Worldwide for $3.3 billion, taking it private before re-listing it in 2012 following a massive refranchising and corporate restructuring campaign.
Once RBI acquires a brand, it plugs the concept into its international Master Franchise Joint Venture network, launching hundreds of stores across the UK, China, India, and the Middle East with local operating partners.
RBI seeks iconic, scalable quick-service restaurant brands with strong customer love, compelling unit economics, and substantial untapped global expansion runways that can benefit from RBI’s shared digital and supply chain platforms.
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