Restaurant Brands International Inc.
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Acquisitions
4
Total Acquisitions
$15.2B
Disclosed Deal Value
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 strategically 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 strategy centers on comparable sales, net restaurant growth, digital channels, Burger King remodels, Firehouse expansion, international master franchisees, and China partnership capital.
RBI makes money from franchise royalties, advertising and other services, property revenue, supply chain sales, company-operated restaurant sales, and brand-specific development agreements.
Major deals include Popeyes in 2017, Firehouse Subs in 2021, Carrols in 2024, and the Burger King China restructuring/joint venture in 2025.
Deals matter because RBI uses brand acquisitions, operating control, and partner changes to expand the restaurant system while preserving franchise economics.
No. RBI also grows through comparable sales, net restaurant growth, digital ordering, remodels, menu innovation, and international master franchisees.
Investors should watch whether Carrols remodels and China partnership plans improve sales without making RBI too company-operated or capital-intensive.