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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
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.