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Firehouse Subs Sold to Restaurant Brands International

Multiconcept operator Restaurant Brands International Inc. will acquire Firehouse Subs for $1 billion in cash. RBI’s portfolio includes quick-service restaurant chains Burger King, Popeyes and Tim Hortons.

Following the transaction, Firehouse Subs' management team will continue leading the brand's day-to-day operations, per a release announcing the deal.

The deal comes during a period of sales growth for Firehouse Subs. Through October of 2021, Firehouse Subs same-store sales have increased 20% compared to the same timeframe in 2019, per a release announcing the transaction. Firehouse Subs anticipates its 1,200 units, 97% of which are run by franchisees, will generate $1.1 billion in revenue during 2021.

This represents the latest in a series of restaurant-chain-related mergers and acquisitions activity. On November 2, 2021, for example, FAT Brands acquired Fazoli’s for $130 million.