Carrols Restaurant buys 43 Burger King’s in US

9th October 2018 (Last Updated October 9th, 2018 09:51)

American franchisee company Carrols Restaurant Group has completed the acquisition of 43 Burger King fast food restaurants in the US.

Carrols Restaurant buys 43 Burger King’s in US
Carrols Restaurant acquires 43 Burger King restaurants. Credit: Chrisloader.

American franchisee company Carrols Restaurant Group has completed the acquisition of 43 Burger King fast food restaurants in the US.

Of the total number of restaurants, Carrols acquired two locations in Detroit, Michigan on 21 August, 31 locations including 30 in Virginia and one location in West Virginia on 5 September, and the remaining ten locations were acquired in South Carolina and Georgia on 2 October.

Following this, Carrols Restaurant reported restaurant sales of $296.9m for the third quarter of 2018, a 4.1% increase compared to $285.2m for the same period last year.

The company also reported a 1.6% increase in comparable restaurant sales in the third quarter, compared to an increase of 7.5% in the prior year’s third quarter.

“Although terms of the deal were not disclosed, it is noted that Meridian’s estimated total enterprise value is more than $80m.”

According to the company, the comparable restaurant sales were negatively impacted due to Hurricane Florence.

Carrols has operated Burger King restaurants since 1976. It currently operates 848 restaurants as of this month.

In June this year, private equity firm Polar Star Capital Partners acquired a stake in Meridian Restaurants Unlimited, a franchisee currently operating 114 Burger King restaurants.

Although terms of the deal were not disclosed, it is noted that Meridian’s estimated total enterprise value is more than $80m.